Oil down 1% as weak US gasoline demand offsets big draw in crude stocks
Oil prices were down 1% on Wednesday as a build in US gasoline stocks fed worries about demand after Japan and Europe posted gloomy manufacturing data.
Prices bounced off session lows as investors noted a much larger-than-expected draw in U.S. crude stocks.
Brent crude was down 93 cents, or 1.1%, at $83.11 a barrel by 10:49 a.m. ET (1449 GMT),, bouncing off a 2.5% decline earlier in the session. U.S. West Texas Intermediate crude was down 82 cents, or 1.03%, at $78.82. At the session low it was down 3.4%.
