Oil prices tumbled nearly 5 per cent on Wednesday after an unexpected build in US crude stockpiles and on fears of slowing demand, but halved their losses in post-settlement trade on talk that Saudi Arabia was mulling options to halt crude's descent, alongside other producers.
US crude oil inventories had declined for seven consecutive weeks prior to last week's build but were still about 2 per cent above the five-year average for this time of year, the US Energy Information Administration said. "With refiners increasing their utilisation, product supplies are more than adequate as we head into the home stretch of the driving season," Mr Lipow said.
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