Demand for Oil Fell in July

The U.S. Energy Information Administration (EIA) announced that the demand for oil in July fell for the first time in six months. Oil demand fell 1.3% in July a drop of 257,000 barrels per day compared to July 2015. It’s the first decline in demand since January 2016. The weak demand from distillate caused the decline, even though gasoline sales increased over the summer months. Gasoline demand increased 1.7% or 159,000 bpd. In June gasoline demand rose to the highest since tracking began in 1945.