Crude oil prices tumbled more than a dollar yesterday as the third-highest weekly import level on record...
Crude oil prices tumbled more than a dollar yesterday as the third-highest weekly import level on record fuelled a big rise in US crude inventories.
US light crude dropped $1.70 to $52.50 a barrel, nearly $6 below the all-time high of $58.28 struck earlier this month on the New York Mercantile Exchange.
Meanwhile, London?s Brent crude dropped $1.37 to $52.77 a barrel on the IPE.
Prices plunged after the US Energy Information Administration said that US crude stocks rose 5.5 million barrels last week to 324.4 million, the tenth increase in the last 11 weeks, pushing crude stocks to their highest level since May 2002.
