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The overproduction of gasoline is drowning the market and pushing oil prices down further.
US-traded crude oil hit a three-month low Wednesday after surprise increases in US oil and gasoline stockpiles, the Wall Street Journal reports. Crude fell 2.3% for September delivery to $41.92/barrel while the global benchmark dropped more than 3% to $43.47 on ICE Futures Europe.
Overactive refineries are largely to blame for crude oil’s price plummet—refineries have been buying up supplies since crude oil prices started to fall two years ago. As a result, near-record levels of gasoline are being stockpiled around the world, totaling 500 million barrels, according to Citigroup. [WSJ]
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