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Oil Prices Slid to $99 On Stockpiles Rise
Oil eased toward $99 a barrel on Thursday, off the record levels above $102 as bulging crude and gasoline stockpiles in the United States
Oil prices slid to $99 a barrel on Thursday, as increasing crude and gasoline stockpiles in the United States added to the gloom over its weak economy.
U.S. crude dropped 26 cents to $99.38 a barrel by 0743 GMT, having lost $1.24 on Wednesday when the contract struck a record intraday-high of $102.08 a barrel. London Brent crude dropped 23 cents to $98.04 a barrel.
U.S. crude oil stocks rose last week for the seventh week, while sluggish demand pushed gasoline supply up for the 16th week in a row to its highest level in 14 years, said the weekly report from the Energy Information Administration (EIA), cementing fears of an economic slowdown.
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