2014.07.2501:00:04UTC+00WTI set to drop this week

Gasoline supplies at its highest in several months has paved the way for a weekly decline for West Texas Intermediate.

According to a report from the Energy Information Agency, stockpiles for gasoline increased by 3.38 million barrels last week for a total of 217.9 million, the highest since March earlier this year. Demand for fuel traditionally spikes up during this current peak driving season that started on Memorial Day at the end of May and will last until Labor Day at the beginning of September.

Commodity research head for Australia & New Zealand Banking Group Mark Pervan says that, “Markets took account of an increase in U.S. gasoline stocks in what should be a period for higher fuel demand.” The US is currently the world’s top consumer of oil.

Futures for the American benchmark were mostly unchanged today after reaching its lowest price in a week yesterday by losing $1.05, or 1%, and dropping to $102.07 per ounce. WTI with a delivery date in September was trading 3 cents down mid morning Sydney time on the New York Mercantile Exchange with a price per barrel of $102.04. Trading volume for futures were 60% below the 100 day average even as front month prices have fallen this week by 1.1%.

Its European counterpart, the Brent, also declined yesterday by losing 0.9% for a price of$107.07 per barrel in London’s ICE Futures Europe exchange. Its premium over WTI was at $5.