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Light, sweet crude for August delivery tumbled 5.31 dollars to settle at 129.29 dollars a barrel on the New York Mercantile Exchange. Prices have fallen more than 15 dollars in the past three trading sessions.
The Energy Department's Energy Information Administration said in its weekly report that crude oil stockpiles jumped by 3 million barrels and natural gas inventories rose by 104 billion cubic feet last week. The unexpected increase prompted the large sell-off as the investors are concerned that the high energy prices have curtailed the demand.
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A station attendant fills up a car at a gas station in Valparaiso city, about 75 miles (120km) northwest of Santiago, July 2, 2008 |
Crude oil has also been pressured from the growing concerns on the inflation risk and the weak U.S. economy. The U.S. Federal Reserve Chairman Ben Bernanke told the Congress that "numerous difficulties" represent "significant downside risks" to economic growth.
The energy market mood remained bearish Thursday despite the reports of an explosion in the south oil region of Nigeria, Africa's largest oil exporter, which weighed little on the price.
In London, Brent crude for September delivery dropped 4.74 dollars to settle at 131.07 dollars a barrel on the ICE Futures Exchange.