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Oil falls on prospect of another rise in US inventories

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Oil prices fell on Tuesday as traders expected a key US stockpiles report to show another increase to a new record high.

[NEW YORK] Oil prices fell on Tuesday as traders expected a key US stockpiles report to show another increase to a new record high.

US benchmark West Texas Intermediate (WTI) for April delivery shed 42 cents, closing at $43.46 a barrel, a six-year low.

In London, Brent North Sea crude for May delivery, the global benchmark, fell 43 cents to $53.51 a barrel.

Earlier in the day, WTI had fallen as low as $42.63 as traders braced for Wednesday's Department of Energy petroleum inventories report.

The report is expected to show US crude stockpiles increased by 3.3 million barrels to 452.2 million barrels in the week ending March 13, according to a Bloomberg News survey. They have risen for nine weeks, hitting record after record as US oil production climbs, testing the limits of storage capacity.

AFP