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Crude prices plunge as US inventories jump

(Xinhua)
Updated: 2009-01-08 16:13

Crude prices plunged more than 12 percent on Wednesday on larger-than-expected increase in US crude reserves.

The Energy Information Administration said commercial crude oil inventories rose 6.7 million barrels, well beyond the 1.5 million- barrel build expected by analysts.

Total oil products demand in the United States in the past four weeks was down 2.9 percent from a year ago, the report said.

The bearish data overshadowed Russia's energy dispute with Ukraine and the conflict in Gaza, the two factors that had supported oil prices earlier in the week.

Light, sweet crude for February delivery went down $5.95 to settle at $42.63 a barrel on the New York Mercantile Exchange.

In London, February Brent crude plunged $4.67 to settle at $45.86 a barrel on the ICE Futures exchange.