February 07, 2008	Thursday	Muharram 28, 1429

LONDON, Feb 6: World oil prices fell heavily on Wednesday after news that US crude reserves rose for the fourth week in a row, traders said.

New York’s main contract, light sweet crude for delivery in March, dropped $1.11 to $87.30 per barrel.

Brent North Sea crude for March delivery sank 70 cents to $88.12.

The US Department of Energy announced on Wednesday that American crude oil inventories had jumped by 7.0 million barrels in the week ending February 1.

The reading was far higher than analysts’ consensus forecasts for a gain of 2.2 million barrels.

US gasoline or petrol stockpiles increased by 3.6 million barrels, which also beat market predictions of a 1.7-million-barrel build.

Earlier on Wednesday, the market had found some support from ongoing violence in Nigeria, which is the largest crude producer on the African continent.

But prices were also pressured by fears that volatile stock markets and slowing US economic growth could dampen global demand for crude oil.—AFP