Oil drops below $45 on unexpected rise in US gasoline stockpiles. Gasoline inventories increased by 2.1 million barrels during the week ended June 9, while crude inventories decreased by 1.7 million barrels.That compares with analysts estimates in a Reuters poll for a 0.5 million barrel draw in gasoline stocks and a 2.7 million barrel draw in crude inventories.
Oil futures had already come under pressure following reports that showed global supply was rising. The International Energy Agency (IEA) said it expected growth in non - OPEC supply to be higher next year than growth in overall global demand. According to its monthly oil market report, for total non-OPEC production, IEA expects production to grow by 700,000 bpd this year, but the first outlook for 2018 makes sobering reading for those producers looking to restrain supply. Shale supply has pushed U.S. crude production up by about 10 percent over the last year to 9.3 million bpd.