Crude prices fell on a continuing supply overhang in all the major regions and against a backdrop of growing concern over global financial markets. Atlantic basin benchmark North Sea Dated shed $4.42/bl to $28.73/bl in the week to 11 February, while Mideast Gulf marker Dubai fell by $5.13/bl to $25.70/ bl at the close in London. US benchmark front-month WTI dropped by $5.51/bl over the same period to $26.21/bl, its lowest since May 2003. WTI prices fell every day from 3 February until 11 February. Crude stocks at the WTI pricing hub of Cushing, Oklahoma, increased by over 500,000 bl to a record high of 64.7mn bl, the latest EIA data show, pulling the benchmark price lower. Total US crude stocks fell, but the inventory build at Cushing, coupled with slower US products demand, pressured the overall market.
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