Crude oil prices dived below 55 dollars on Thursday on ample U.S. crude inventory.

New York's main oil futures contract, light sweet crude for March delivery, fell 1.14 dollars to 54.23 dollars per barrel.

In London, the price of Brent North Sea crude for delivery in March lost 1.31 dollars to 54.12 dollars per barrel.

The U.S. Department of Energy said on Wednesday that its crude stockpiles rose by 700,000 barrels to 322.2 million in the week ended Jan. 19. Domestic distillate supplies, including heating oil, rose 700,000 barrels to 142.6 million. Gasoline inventories rose 4 million barrels to 220.8 million barrels.

Source: Xinhua