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Oil settles down more than 2% amid gasoline stock build

Oil prices fell more than 1 percent on Thursday, erasing gains from the previous session, after a rise in U.S. gasoline inventories pushed supplies in the world's top oil consumer to a record high, reinforcing worries of a global glut.

U.S. West Texas Intermediate crude for September delivery, the new front-month contract from Thursday, settled down $1, or 2.19 pct, at $44.75 a barrel, and last fell $1.04, or 2.27 percent to $44.71 a barrel at 2:41 p.m. ET.

The August contract expired on Wednesday after rising 29 cents, or 0.7 percent, to settle at $44.94 a barrel.

Brent crude's September contract was down $1.02 at $46.15 a barrel.

ABN AMRO senior energy economist Hans van Cleef said Brent could slip around $5 toward the $42-$43 a barrel level. "Near-term, there are still some downside risks."

The glut of refined products has worsened an already-grim...


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