Crude oil prices continued falling on Thursday and settled below $51 a barrel after a report about high rise in US inventories.
NYMEX crude futures for December delivery fell $1.54 to $50.92 per barrel, the lowest close since settling at $49.91 per barrel on October 4. Brent crude futures for December contract dropped $1.06 to end at $48.39 per barrel.
Yesterday results reflected the continuing traders? enthusiasm after an unexpected US government data of high crude stocks. Last week, crude supplies increased by nearly 4 million barrels to 283.4 million barrels, about double the increase analysts had expected.
The news of some recovery in the Gulf of Mexico calmed the traders either.
However, oil prices remain 60% higher than they were in January, on fears of a supply shortage amid strong demand. The US inventory of distillate fuel still overshadows the market. The inventory contracted by 2.4 million barrels last week to 116.6 million barrels, or 12 percent lower than a year ago.
Analysts say that prices will continue to face upward pressure.
