World oil prices fell today to the lowest levels for almost two months after official data revealed healthy stockpiles of US energy.
Prices in New York dropped below $59 per barrel for the first time since December 28. Crude futures in New York have now fallen 13.5% since the start of February.
New York's main contract, light sweet crude for delivery in March, shed 97 cents to $58.60 per barrel in pit trading and in London Brent North Sea crude for April delivery fell 84 cents to $58.68 per barrel in electronic deals.
The Department of Energy reported that crude oil reserves rose by 4.9 million barrels to 325.6 million in the week to February 10.
The rise was well above the gain of 1.1 million barrels forecast by private economists.
Petrol stocks meanwhile increased 2.2 million barrels to 225.5 million, also ahead of the average analyst forecast of a rise of 1.4 million barrels.
Elsewhere, the market was less concerned about developments in OPEC member Iran.
New York crude futures had topped $66.0 per barrel on February 6 after the International Atomic Energy Agency (IAEA) voted
to refer Iran to the UN Security Council over its controversial nuclear programme.
That, in turn, sparked concerns that Iran could retaliate by halting oil exports.
Iran is the second biggest oil producer within the Organisation of Petroleum Exporting Countries, exporting 2.7 million barrels of oil per day, and the fourth biggest in the world.
