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Oil Prices Supported by Gasoline Demand

Wall Street Journal : "Oil prices rose Monday on a drop in Midwest gasoline supplies and a larger-than-expected cut in U.S. production capacity. Gains, however, were capped after Saudi Arabia’s decision Sunday to slash prices, intensifying the global fight for market share that has battered oil prices since last year."  

"Oil prices have plunged in the past year owing to a global oversupply of crude, which has forced producers to lower prices to attract buyers and put large amounts of oil in storage. While demand has climbed this year and U.S. output has started to fall from recent highs, analysts say the surplus of crude is likely to persist into next year."  

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