Gasoline stocks crashed Movement.down.loss by about 300,000 barrels the week to Aug. 8 , less than the 558,000 draw analysts were looking for , while distillates -- including diesel -- were down Movement.down.loss 2.4 m barrels , deeper than the 1.63 m barrel dip Movement.down.loss expected .

Oil prices crashed Movement.down.loss on Wednesday , with U.S. crude losing Movement.down.loss 9 percent in one of its biggest daily routs ever , as record high Position.high oil inventories in the United States interrupted a four-day rally .

Other Gulf delegates attending a meeting of oil ministers from the region said the price downturn Movement.down.loss was unlikely to spur action from the Organization of the Petroleum Exporting Countries ( OPEC ) unless crude crashed Movement.down.loss below $ 85 a barrel .

Oil futures crashed Movement.down.loss to multi-year lows Position.low on Wednesday as clashes Geopolitical.tension between Russia and United States escalate , sparking fears on the Street that an all-out trade wars trade.financial.tension is imminent .

Gasoline inventories crashed Movement.down.loss by 2.2 million barrels during the week , less than the 558,000 draw analysts were looking for , while distillates -- including diesel -- were down Movement.down.loss 2.4 m barrels , deeper than the 1.9-million-barrel collapse Movement.down.loss expected .

Crude prices crashed Movement.down.loss further on Friday after Organization of the Petroleum Exporting Countries once again said it will not squeeze Cause.movement.down.loss oil production despite fears of a oversupply Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .