Oil prices have tumbled in the runup to the release of data expected to show US inventories at record highs. Rising production from the world’s biggest exporter, Saudi Arabia, also fuelled worries about global oversupply.
Brent crude fell $2 to $58.53 a barrel on Thursday, after hitting a two-month high of $63 a barrel on Tuesday. US crude for March delivery, which expires on Friday, also lost $2, to $50.05 a barrel.
Falling oil prices drove the Russian rouble lower, as oil is one of the country’s main exports.
According to the American Petroleum Institute, US crude stocks rose by 14.3m barrels last week, far more than analysts had expected. Markets are waiting for official figures from the US Energy Information Administration, out at 16.00 GMT. If they confirm the large build-up in inventories, it would be the biggest weekly increase since data started in 1982.
via The Guardian