Reply #4: Oil below $72 as worries over US gasoline ease [View All]

[ozymandius]

LONDON (Reuters) - Oil fell below $72 on Thursday, deepening losses from the previous session, as worries over U.S. gasoline supplies eased slightly ahead of the summer driving season.

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U.S. gasoline stocks fell 1.9 million barrels last week, marking the eighth consecutive weekly decline, government data showed on Wednesday (). Analysts had expected a fall of 2.6 million barrels.

"The drop in gasoline stocks was smaller than expected. And given that refiners are cranking up runs, the market could not hope for a significantly large gasoline draw in the future," said Keith Sano, the manager at the commodity business unit of Sumitomo Corp. in Tokyo.

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"In the next one or two years, unless there is a very big surprise, we don't expect oil prices to fall from current levels," said International Energy Agency Chief Economist Fatih Birol in a speech on Wednesday in Istanbul.

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