World oil prices fell heavily today after news that US crude reserves rose for the fourth week in a row.
New York's main contract, light sweet crude for delivery in March, dropped $1.11 to $87.30 a barrel. Brent North Sea crude for March delivery sank 70 cents to $88.12.
The US Department of Energy announced today that US crude oil inventories had jumped by seven million barrels in the week ending February 1. The reading was far higher than analysts' consensus forecasts for a gain of 2.2 million barrels.
US petrol stockpiles increased by 3.6 million barrels, which also beat market predictions of a 1.7-million-barrel build.
