LONDON, March 14: Oil prices hit reverse gear on Thursday as traders tracked fresh turmoil on global equity markets, rising US crude reserves and the build-up to this week's OPEC output meeting.

The price of Brent North Sea crude for April delivery fell 17 cents to $60.73 per barrel in electronic deals.

New York's main oil futures contract, light sweet crude for delivery in April, shed 43 cents to $58.03 per barrel in floor trading, after spending much of the day in positive territory.

The New York contract had shed almost one dollar on Tuesday, after losses on Wall Street that were sparked by news that the number of bad mortgage loans was rising in the US, the world's largest economy.

Crude prices on Tuesday were “pulled lower by a global equity sell-off, with softer New York markets adding worries over the state of the US economy,” added Sucden analyst Michael Davies.—AFP