Oil demand shrinkage hits slowest pace since Q3

NEW YORK (Reuters) – The pace at which U.S. energy demand is shrinking is showing signs of slowing down, according to U.S. government data released Wednesday.

U.S. petroleum product demand in the four weeks ending January 30 ran at 20.31 million barrels — about 1.07 million barrels per day below the same four weeks a year ago, marking the smallest year-on-year decline since last September, according to the Energy Information Administration.

Gasoline demand in the world’s top consumer, meanwhile, contracted by 218,000 barrels over the four-week period compared with year-ago levels, marking the smallest drop since last August, according to EIA data.

Reuters