Oil futures fell on Wednesday, with U.S. prices settling below $50 a barrel for the first time since early April after a weekly report from the U.S. government showed that crude supplies unexpectedly rose.But the data also showed that gasoline stockpiles fell and implied-gasoline demand over the past four weeks showed a jump compared with a year ago. Separately, growth in China’s oil demand remained strong in June.
On the New York Mercantile Exchange, West Texas Intermediate crude for September delivery CLU5, +0.26% settled at $49.19 a barrel, down $1.67, or 3.3%. Prices, which traded at $49.98 before the supply data, settled at their lowest level since April 2. September Brent crude LCOU5, -0.04% on London’s ICE Futures exchange fell 91 cents, or 1.6%, to $56.13 a barrel.
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