LONDON: Global oil prices fell further yesterday as dealers focused on an unexpectedly large surge in US crude stockpiles, stoking concerns about oversupply in the world’s biggest economy.
New York’s main contract, West Texas Intermediate (WTI) for delivery in January dipped 14 cents to $92.16 a barrel.
Brent North Sea crude for January declined 33 cents to stand at $110.98 a barrel in London midday trade. Crude futures also sank on Wednesday after the US government’s Department of Energy reported that commercial stocks of oil increased by three million barrels last week.
That was well above the 500,000 barrels forecast by analysts in a Wall Street Journal survey.
Wednesday’s rise in crude stockpiles was the latest in a series of surprisingly large builds in recent weeks. AFP
