Oil prices fall to five week low over supply

Oil prices fell to their lowest in over five weeks yesterday following US data showing an unexpectedly large weekly build in US gasoline inventories and International Energy Agency (IEA) data projecting an increase in non-Opec production.

The increase in US gasoline inventories drove down RBOB futures by over 3%, tugging mainstream Brent and US crude futures lower with them.

“Oil futures are being dragged down by gasoline futures.