LONDON, Nov 24: World oil prices fell on Thursday as strong rises in US crude inventories helped offset concerns about high demand for heating fuel during the northern hemisphere winter, dealers said.
In London on Thursday, the price of Brent North Sea crude for January delivery dropped 35 cents to 55.86 dollars per barrel in electronic dealing.
New York’s main contract, light sweet crude for delivery in January, had closed down 13 cents at 58.71 dollars per barrel on Wednesday in the wake of the inventories data.
US traders were away from their desks until Monday owing to the Thanksgiving long holiday weekend across the United States.
US inventories of crude oil, gasoline and distillate products all rose over the past week, the Department of Energy had said on Wednesday.
Crude stocks climbed by 400,000 barrels for the week ended November 18 to total 321.8 million, the DoE said. That was in line with analysts’ forecasts.—AFP
