04 May '11, 8pm

Oil prices fall after US stockpile builds

NEW YORK: Crude oil prices tumbled on Wednesday after a stronger-than-expected increase in US petroleum stockpiles sparked worries about demand in the United States, the world's biggest oil-consuming nation. New York's main contract, West Texas Intermediate light sweet crude for delivery in June, fell $1.81 to close at $109.24 a barrel, sliding underneath $110 for the first time since April 20. In London, Brent North Sea crude for June dropped $1.26 to settle at $121.19 per barrel. It was the second consecutive day of sharp falls for the WTI and Brent contracts, which have seen a steady surge in prices in recent months amid Arab unrest that has stoked supply fears. Analysts say the oil market is worried that the higher prices will crimp consumer spending and consequently curb economic growth. "It would appear that concerns are growing that the global recovery looks to be w...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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