, with levels of gasoline and diesel consumption still more than 10 % below year-earlier levels and supplies of jet fuel downMovement.down.lossnearly 50 % .
Elsewhere , on the ICE Futures Exchange , Brent oil futures for September delivery edged downMovement.down.loss0.15 % to trade at USD113 .11 a barrel , upMovement.up.gainUSD21 .37 on its U.S. counterpart .
`` They decided they had enough -- they were the swing producer and they increasedMovement.up.gainproduction and drove prices downMovement.down.lossdramatically , '' said Dr. Gary Ross , chief executive of PIRA Energy Group , who has followed oil markets since the 1970s .
Gasoline inventories crashedMovement.down.lossby 2.2 million barrels during the week , less than the 558,000 draw analysts were looking for , while distillates -- including diesel -- were downMovement.down.loss2.4 m barrels , deeper than the 1.9-million-barrel collapseMovement.down.lossexpected .
On the New York Mercantile Exchange , light sweet crude futures for delivery in November traded at USD102 .60 a barrel during European morning trade , downMovement.down.loss0.42 % .