Volatile Crude Oil Market

U.S. crude oil fell to $56.93 at the end of trading on July 2 before the three day holiday weekend. Gasoline prices at the pump rose1.3 % due to the expected summer holiday demand. Surging gasoline prices boosted crude oil prices and sent cues of improving oil demand. On the supply side the U.S. Energy Information Agency (EIA) reported that U.S. oil stocks rose by 2.4 MMbbls for the week ending June 26, 2015. The market estimated anticipated a fall of 2 MMbbls over the same period.