Crude oil prices fell this evening as concerns about the euro zone persisted, outweighing an unexpectedly large drop in US crude stockpiles.
US government data showed that domestic crude inventories fell by a whopping 4.73 million barrels last week, briefly lifting Brent crude to positive territory and extending early gains for US crude. A fall in stockpiles is seen as a sign of stronger demand for crude.
The heavy drop came as imports fell to a 10-month low and refineries reduced processing rates.
The data boosted oil briefly but prices fell again later on euro zone worries. In London, Brent crude fell $1.25 to $109.90 a barrel, while US crude was down 40 cents at $87.94.
