Oil prices fall in biggest losing streak since February 2020

A surprise build in U.S. gasoline inventories last week also boosted concerns over slowing demand, especially as the Northern Hemisphere summer is typically when demand for the fuel peaks.Gasoline stockpiles rose by 696,000 barrels to 228.2 million, the Energy Information Administration said on Wednesday, against analysts' expectations for a 1.7 million-barrel drop.However, U.S. crude inventories fell 3.2 million barrels last week to 435.5 million, their lowest since January 2020, the EIA said.\"The U.S. peak summer driving season is ending soon just as the country is set to raise output,\" said Hiroyuki Kikukawa, general manager of research at Nissan Securities.U.S. shale oil output is expected to rise to 8.1 million barrels per day in September, the highest since May 2020, according to the Energy Information Administration's monthly drilling productivity report.\"Oil prices will stay under pressure in the short-term from seasonal factors and pandemic fears,\" Kikukawa said.

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