World crude oil prices nose dived to below US$58 per barrel as reports indicated a steady rise in U.S. energy stockpiles. New York's main contract, light sweet crude for delivery in March, dipped to US$57.65 per barrel, the lowest close for front-month oil futures since Dec. 19. In London, the price of Brent North Sea crude fell to US$58.15 per barrel.
U.S. crude oil inventories rose last week by 4.9 million barrels to 325.6 million barrels - 11% higher than a year ago. Gasoline inventories rose by 2.2 million barrels to 225.5 million barrels - 2% above year ago levels. The supply of distillate fuel, which includes diesel and heating oil, rose by 900,000 barrels to 136.9 million barrels - 14% more than last year
16-Feb-06 
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