US crude oil recorded its third consecutive weekly loss after a huge increase in gasoline stocks led to concerns that higher prices are destroying Americans’ demand for fuel. West Texas Intermediate crude, trading in New York, ended Friday’s trading, down $1.65, or 1.7%, at $94.70 a barrel.
Over the course of the week, the US crude index has fallen nearly 3%, deepening its losses to nearly 13% over the past three weeks.
On the other hand, Brent crude, trading in London, ended Friday’s trading, down 66 cents, or 0.6%, at $103.20 a barrel.
Over the course of the entire week, “Brent” crude recorded an increase of 2.2%, ending a series of five-day losses that led to its decline by about 17%. The global benchmark crude hit a nearly five-month low of $95.42 last week.
US crude oil prices were falling as gasoline stocks rose on the notion that the fuel had become too expensive for most Americans.
Gasoline stocks in the United States have expanded by about 9 million barrels during the past two weeks, in the largest increase since the jump of nearly 14 million barrels during the weeks of January 7 and January 15.
The US Energy Information Administration reported that gasoline demand at stations last week was 8.5 million barrels, down from 9.3 million barrels a year ago.
US crude records its third consecutive weekly loss
