Rising US crude stocks were the main factor behind the decline in the oil. New York's main contract, light sweet crude for delivery in July fell to US$ 48.30 a barrel.
As per the weekly report of the US Department of Energy (DoE), crude oil stocks for the week ended May 13 rose by 4.3 million barrels to 334 million barrels, the highest level recorded in a month since May 1999.
Gasoline stockpiles also exceeded expectations, with the DoE reporting a rise of 1.1 million barrels over the week to 214.8 million that was far more than the 800,000 barrels that was projected.
24-May-05 
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