Oil prices fell yesterday after a report from Energy Information Administration (EIA) showed that US crude supplies surged the most in almost 14 years. Inventories rose 10.1 million barrels in the week ended Jan. 16, the biggest gain since March 2001, according to the EIA.
West Texas Intermediate (WTI) crude slipped $1.47, or 3.1 per cent, ending at US$46.31 a barrel on the New York Mercantile Exchange, while Brent fell 51 cents, or one per cent, to US$48.52 a barrel on the London-based ICE Futures Europe exchange. The European benchmark oil closed at a US$2.21 premium to WTI, the most since Jan. 7.