Oil declined for the fifth time in six days after U.S. gasoline demand tumbled to the lowest level in 10 years and inventories rose.
Crude fell after the Energy Department said gasoline demand dropped to 8 million barrels a day last week, the lowest level since September 2001. Gasoline stockpiles climbed 3.72 million barrels to 227.5 million, a 10-month high.
“The product data was not supportive, especially gasoline,” said Tom Bentz, a director with BNP Paribas Prime Brokerage Inc. “Gasoline data certainly is tempering the bullishness in the early going when crude was trying to rally.”
Crude for February delivery slid 20 cents, or 0.2 percent, to settle at $100.39 a barrel on the New York Mercantile Exchange. Oil has gained 17 percent in the past three months.