Futures in New York fell as much as 1.3 percent after the data showed a surprise gain in nationwide crude inventories and record-high production, while robust fuel demand depleted gasoline stockpiles by the most since May. Meanwhile, an OPEC committee meeting provided little insight on how output quotas will be split between the group.
Oil has lost about 8 percent this month as concern that a trade conflict between the U.S. and China could hurt economic growth overshadows supply threats from Venezuela to Libya and Iran. Investors are waiting to see how far other members of the Organization of Petroleum Exporting Countries will offset those output losses, and whether the U.S. will deploy its emergency stockpiles.
The Energy Information Administration reported that U.S. crude inventories rose by 5.84 million barrels last week, confounding most analysts in a Bloomberg survey who forecast a decline. Oil production reached a record 11 million barrels a day. Along with falling refinery-utilization rates, a drop in crude exports to the lowest since April also contributed to the inventory build.
more at source: https://www.bloomberg.com/news/articles/2018-07-19/oil-holds-gain-as-u-s-fuel-inventories-fall-by-most-in-2-months