Oil prices fell this evening on high US inventories and concerns about the economic recovery. US crude dipped 27 cents to $75.38 a barrel, while Brent was 91 cents lower at $80.29.
Rising global energy demand and hopes Europe can get its debt crisis under control have supported Brent rise for three of the last four days. US crude prices have fallen for seven of the last eight sessions.
Industry data provider Genscape said crude at the Cushing, Oklahoma, US storage hub rose by 1.2 million barrels to a record 38.96 million barrels in the week to May 11, the seventh straight week of gains.
This has pulled down US crude prices in recent weeks. Analysts say Cushing's landlocked location means it tends to reflect supply and demand in the midwestern US, while Brent prices more accurately reflect oil's value to wider markets.
