NEW YORK (TheStreet) -- U.S. oil is holding at nearly $45 per barrel, many expecting a decline for the ninth consecutive week. The industry hasn't seen a drop like that since 1982, Bloomberg TV's Julie Hyman reported on "Bloomberg Markets" Wednesday.
Oil has declined larger than estimated with a draw-down of 2.3 million barrels last week however, gasoline inventories were up which caused oil to drop, she said.
Distillate inventories fell to 214,000 barrels and Crude oil had a drop of 2.3 million barrels week over week, Hyman said citing EIA.
Oil moved below its 100 day moving average this morning, she added.
"That gasoline build is sort of a stubborn problem here it's peak driving season here in the summer. Why aren't more people driving and why isn't that gasoline problem going down?" Hyman said.
Crude Oil (WTI) is up by 0.14% to $44.79 per barrel and Brent crude is rising by 0.27% to $46.93 per barrel.