LONDON, March 15: World oil prices slid further on Wednesday after news that stockpiles of US crude oil jumped for the fifth week in a row to a fresh seven-year high point, dealers said.
New York’s main contract, light sweet crude for delivery in April, dropped 70 cents to $62.40 per barrel in pit trading. In London, the price of Brent North Sea crude for April delivery slid 50 cents to $63.47 per barrel in electronic deals.
Prior to Wednesday, crude futures had surged by more than $3 this week on concerns over tight supplies of US gasoline, or petrol, and lingering tensions in major crude producers Iran and Nigeria.
The Department of Energy (DoE) said Wednesday that crude inventories increased by 4.8 million barrels in the week to March 10 to stand at 339.9 million — the highest level since April 1999.—AFP
