Crude prices plunged more than 12 percent on Wednesday on larger-than-expected increase in U.S. crude reserves.
The Energy Information Administration said commercial crude oil inventories rose 6.7 million barrels, well beyond the 1.5 million-barrel build expected by analysts.
Total oil products demand in the United States in the past four weeks was down 2.9 percent from a year ago, the report said.
The bearish data overshadowed Russia's energy dispute with Ukraine and the conflict in Gaza, the two factors that had supported oil prices earlier in the week.
Light, sweet crude for February delivery was down 5.95 U.S. dollars to settle at 42.63 dollars a barrel on the New York Mercantile Exchange.
In London, February Brent crude plunged 4.67 dollars to settle at 45.86 dollars a barrel on the ICE Futures exchange.
Source:Xinhua
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