Oil prices slid this evening on profit-taking after a strong rally yesterday which was sparked by news of declining crude stockpiles in the US.
Brent North Sea crude fell $1.32 to $44.80 a barrel, while US crude gave up $1.05 to $44.33.
The market had bounced higher on Wednesday on news of sliding American crude oil reserves, which indicated solid demand, traders said.
But the oil market was weighed down today by disappointment over an economic stimulus plan in China - the second biggest energy consumer after the US.
Premier Wen Jiabao said China was facing unprecedented challenges from the global crisis but he was confident the country would still achieve economic growth of about 8% this year.
