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Gasoline prices slid to a one-month low

NEW YORK--Gasoline prices slid to a one-month low Wednesday amid expectations of weaker demand.
Gasoline demand typically declines in the fall as drivers take fewer vacations. Gasoline consumption fell to 9 million barrels a day in the week ended Oct. 2 , according to the Energy Information Administration , the lowest weekly level since May 1 . The EIA will release data for the week ended Oct. 9 on Thursday.
Wholesale gasoline prices have dropped sharply in the Chicago area and on the Gulf Coast , according to brokerage Powerline Group , suggesting those markets are well-supplied.
Gasoline futures settled down 0.57 cent , or 0.4%, at $1.3083 a gallon on the New York Mercantile Exchange . The national average retail gasoline price fell 0.6 cent to $2.303 a gallon, the lowest price for this date since 2006, according to AAA. Some analysts expect the average retail price to drop below $2 a gallon by the end of the year. Consumption can drop further in the winter as inclement weather keeps some drivers off the road.
Oil prices eased Wednesday amid concerns about the global oversupply of crude.
Oil rallied at the beginning of the month, with Brent crude passing the key $50 -a-barrel mark, on expectations that cuts in production capacity among major producers would curb supply. But strong output data from the Organization of the Petroleum Exporting Countries and the prospect of Iran's return to the market have fueled fears the global glut of crude isn't going away soon.
Iran's parliament on Tuesday approved the nuclear deal agreed with six world powers in July, bringing Tehran another step closer to the easing of international economic sanctions. This would pave the way for an increase of Iran's oil production toward 3.6 million barrels a day from 2.9 million barrels a day currently, according to the International Energy Agency .
"Oil producers will face another year of severe pain if Iranian sanctions are lifted early next year and other OPEC members do not make way," said David Hufton of PVM brokerage in a note to clients.
Light, sweet crude for November delivery settled down 2 cents at $46.64 a barrel on the New York Mercantile Exchange . Brent, the global benchmark, fell 9 cents , or 0.2%, to $49.15 a barrel on ICE Futures Europe.
Analysts expect weekly inventory data due Thursday to show that U.S. inventories of crude oil rose by 2.6 million barrels last week, while supplies of gasoline and distillate fuels, including diesel and heating oil, fell.
The American Petroleum Institute , an industry group, said late Wednesday that its own data for the same week showed a large increase of 9.3 million barrels in crude-oil supplies, according to sources. The group said that gasoline supplies fell by 5.0 million barrels and that U.S. distillate stocks fell by 2.7 million barrels in the week, according to sources.
Diesel futures rose 1.25 cents , or 0.8%, to $1.4833 a gallon.
Write to Nicole Friedman at [e-mail] and Georgi Kantchev at [e-mail]
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(END) Dow Jones Newswires
10-14-15 1657ET
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