Oil prices have fallen for the second day after new government data showed surging crude stockpiles and low demand in the US.
On Wednesday, New York's light sweet crude for March delivery shed 1.61 dollars from its closing price on Tuesday to 35.94 dollars per barrel. Brent North Sea crude for delivery in March fell 33 cents to 44.28 dollars a barrel in London.
The US Department of Energy (DoE) said in a report on Wednesday that American crude stockpiles soared by 4.7 million barrels in the week ending February 6. That was higher than market expectations of a 3.0-million-barrel gain.
Oil prices remain at weak levels after posting record highs above 147 dollars last year following fears of supply disruptions. |