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EQTRADES:U.S. oil falls after big jump in stockpiles
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post Mar 24 2016, 09:18 AM
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Oil prices fell in Asian trading on Thursday, adding to a slump in the previous session, after U.S. stockpiles rose for the sixth week to another record, sapping the strength of a two-month rally in prices.
U.S. crude futures (CLc1) were down 55 cents at $39.24 a barrel at 0757 GMT, trading further below the important $40 level.
It closed down $1.66, or 4 percent, at $39.79 a barrel on Wednesday. That marked the sharpest one-day drop for the front-month contract in U.S. crude since Feb. 11.
Brent crude futures (LCOc1) were down 36 cents at $40.11 a barrel. They finished the last session down $1.32, or 3.2 percent, at $40.47 a barrel.
Earlier this week, both benchmarks had risen by more than 50 percent from multi-year lows that were hit in January.

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