Brent crude dropped to its lowest level in more than four months amid rising stockpiles in the U.S. and after the European Central Bank unexpectedly cut its benchmark rate to a record low.
The North Sea grade was down as much as 1.2 percent and heading for a third day of declines. U.S. crude inventories increased for a seventh week, expanding by 1.58 million barrels to 385.4 million, according to the Energy Information Administration. The dollar strengthened against the euro after the ECB cut its main refinancing rate.
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