Crude oil dropped Wednesday after the government reported unexpectedly big build in U.S. petroleum stockpiles.
Light, sweet crude for March delivery fell 1.27 dollars to settle at 87.14 dollars a barrel on the New York Mercantile Exchange after earlier dropping as low as 86.66 dollars, its lowest price in two weeks.
In its weekly inventory report, the U.S. Energy Department's Energy Information Administration said crude oil inventories jumped by 7 million barrels last week, nearly triple the 2.6 million barrel increase that analysts surveyed by Dow Jones Newswires had expected.
Oil prices have already been under heavy selling pressure since hitting a record 100 dollars in early January amid intensifying signs the economy of the world's biggest energy consumer is falling into recession.
Source: Xinhua
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