Analyst: Demand for crude will be poorer, as we approach autumn - a seasonal low point

A day earlier, Brent crude tumbled below $50 before slightly recovering Tuesday, while gasoline fell the most in almost three years.

Analysts say the decline can go further, as autumn is near.

U.S. refineries, which in July produced a record amount of gasoline out of crude, typically slow down from August through October for maintenance, says Bloomberg.

Michael Wittner, head of oil-market research at Société Générale in New York, said Monday that there is still a lot of global oversupply.

“We’re getting close to the autumn, when demand for crude and products hits a seasonal low point, so it’s hard to see where the uplift is going to come from.”

Also, demand for gasoline is usually weaker after summer as the seasonal workforce shrinks and families return from vacations.