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Oil prices fall 3% due to deteriorating stock markets and rising US stocks
Oil prices fell to their lowest level in more than two weeks as global stock markets plummeted as investor sentiment was hurt by a larger-than-expected increase in US crude inventories.
Brent crude ended $ 2.83, or 3.41 percent, at $ 80.26 per barrel, after recording $ 79.80, the lowest level since Sept. 24, the Reuters news agency reported.
Global benchmarking has taken a downward path since hitting a four-year high of $ 86.74 on October 3.
US WTI crude fell $ 2.2, or 3.01%, to settle at $ 70.97 a barrel after recording at $ 70.51, the lowest since September 21.
US crude oil inventories jumped six million barrels last week, more than double the analysts' forecast of 2.6 million barrels, data from the US Energy Information Administration showed on Thursday.
The data also indicated that the consumption of crude refineries fell by 352 thousand barrels per day with operating rates fell 1.6 percentage points.
Oil contracts have also been hit by falling US equity markets and investors around the world are avoiding risk.
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