Oil prices dipped this evening, wiping out earlier gains and continuing this week's roller-coaster ride. The fall came despite news that stockpiles of US crude plunged last week.
US crude fell 84 cents to $105.77 a barrel while Brent North Sea crude gave up 59 cents to $102.49.
The US Department of Energy (DoE) said crude oil stockpiles sank by 1.5 million barrels in the week ending September 19. Petrol reserves fell by 5.9 million barrels.
Before the report, prices had risen strongly in earlier trade as investors had expected sharp falls in fuel stocks to overshadow concern about weakening global demand and slowing economic growth.
