New York — Oil turned negative Wednesday, as falling gasoline futures weighed down crude prices on concerns that oversupply in the US would limit the effect of Opec’s record compliance with its supply-cut accord. US crude stocks rose 9.5-million barrels last week, the US Energy Information Administration (EIA) said, nearly three times more than forecast, but confirming a trade group’s report late Tuesday of a larger-than-expected build. US crude inventories hit a peak at 518.12-million barrels, while gasoline stocks also touched a record, rising 2.8-million barrels to 259.1-million barrels, according to the EIA. Gasoline futures fell 0.66c a gallon, or 0.45%, by 4.35pm GMT. "Gasoline is playing a leading role in trade action," said Tony Headrick, energy market analyst at CHS Hedging. "With the excess supply of gasoline, particularly on the East Coast, that’s substantial." Brent crude futures fell 30 cents to $55.67 a barrel. US crude futures dipped 26 cents to $52.94 a barrel. "The ...
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