Oil prices fell this evening, touching the lowest level in a month as bulging fuel inventories in the US stirred demand concerns.
US crude was down 60 cents to $76.34 a barrel, after earlier touching $75.57 a barrel, the lowest level since mid-October. Brent crude fell 43 cents to $75.59 a barrel.
Crude's losses extended a 3% drop on Thursday after the US Energy Information Administration (EIA) reported that crude and product stocks in the world's largest energy consumer rose by more than expected last week.
Market analysts said the 1.8 million barrel rise in US crude oil stocks and 2.5 million barrel rise in petrol stocks highlighted the fact demand remains weak heading into the Northern Hemisphere winter, with the economic slowdown still curbing demand for fuel.
Oil prices have more than doubled since crashing to lows near $30 a barrel at the peak of the economic crisis, but they are still nearly 47 percent below their high just above $147 a barrel struck in July 2008.
