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Oil tumbles as inventories increase more than expected

Source:www.chinaview.cn       Updated:November 13 06:14

NEW YORK, Nov. 12 (Xinhua) -- Crude prices tumbled 3 percent on Thursday as government report showed a bigger-than-expected jump in crude and gasoline inventories.

Light, sweet crude for December delivery fell 2.34 U.S. dollars, or 3.0 percent, to settle at 76.94 dollars a barrel on the New York Mercantile Exchange.

According to the U.S. Energy Department's Energy Information Administration (EIA), crude stockpiles increased by 1.8 million barrels for the week ended November 6 while gasoline inventories rose by 2.5 million barrels even as refineries slowed production to the lowest levels since September 2008, showing energy demand in the U.S. is still lagging.

Meanwhile, the Paris-based International Energy Agency (IEA) warned Thursday that any economic recovery could suffer if energy prices continue to rise, also exerting downward pressure on the price of oil.

In London, Brent Crude for December delivery dropped 1.93 dollars to settle at 76.02 dollars a barrel on the ICE Futures exchange.

Editor: Mu Xuequan