Oil slid to around $58 a barrel today, taking losses for the week to more than 7 per cent and London Brent crude to its lowest this year, on forecasts of a further rise in bulging US fuel stockpiles.
US crude declined 37 cents to $58.31 by 7.34 Irish time, taking the market to the weakest level since mid-February after a $2.35 fall the previous day.
London Brent shed 41 cents to $58.02, after hitting $57.78, the lowest since December 30th, 2005.
Analysts forecast a draw of 500,000 barrels in US crude stocks last week but a build of 1.5 million barrels in distillate supplies and a gain of 700,000 barrels in gasoline inventories, in government data due later today.