Oil prices drop

Published July 26, 2012

LONDON, July 25: Global crude prices fell on Wednesday, reversing early gains, as the United States revealed a surprise jump to its crude stockpiles, traders said.

Prices were also downbeat amid persistent concerns over the eurozone debt crisis, they added.

Brent North Sea crude for delivery in September fell 60 cents to $102.82 a barrel in late London deals.

New York's main contract, light sweet crude for September, dropped $1.22 to $87.28 a barrel.

The US Department of Energy announced that crude stockpiles rose by 2.7 million barrels last week, indicating weak demand in the US. Analysts had forecast a drop of 800,000 barrels.—AFP