SINGAPORE: World oil prices fell further in Asian trade yesterday after the US government reported another rise in crude oil inventories against the backdrop of a possible US recession, dealers said.
New York’s main oil futures contract, light sweet crude for delivery in March, was US$0.22 lower at US$86.92 (K255.27) a barrel.
The contract closed down US$1.27 at US$87.14 (K255.92) per barrel on Wednesday in the wake of the weekly US inventory report.
Brent North Sea crude for March delivery was US$0.13 lower at US$87.65 (K257.42) a barrel after settling US$1.04 lower at US$87.78 (K257.80) in London.
Prices slumped after the US Department of Energy said American crude oil inventories had jumped by 7.0 million barrels in the week ending Feb 1, the fourth straight rise in crude stocks. – AFP