| Crude-oil prices dropped Thursday on growing concerns that a glut of gasoline is due to persist despite strong summertime driving demand. U.S. oil for August delivery settled down $2.29, or 4.8%, to $45.14 a barrel on the New York Mercantile Exchange.
Brent, the global benchmark, declined $2.40, or 4.9%, to $46.40 a barrel on ICE Futures Europe. Both benchmarks fell to the lowest level since May 10. Gasoline demand usually peaks in the summer as people hit the road for vacation, prompting refineries to buy more crude oil to turn into gasoline...............................................Full Article: Source
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