Oil prices declined again following the declaration of the United States that there was another peak in crude oil inventory.
However, prices were strongly off during trading sessions and repeated losses as market investors embraced additional short positions in US oil futures. This was one day earlier than forecasts made by industry groups.
Stocks increased to 7.7 million barrels during the past week which translates to 425.6 million barrels. The US Energy Information Administration announced that the six consecutive weeks were a record high for the duration.
It was twice the 3.2 million barrels projected by economic analysts but a long way from the 14.3 million barrels that were predicted by the American Petroleum Institute (API).
Brent and US Futures declined five percent last Wednesday after the report from API was published.
Brent went down 32 cents at $60.21 per barrel which was off the low of $57.80 for that day. It reached a two-month peak of $63 just the day before.
US crude was down 98 cents at $51.16. Analysts say another decline in oil rig count can increase prices.
Oil has dwindled based on reports about inventory builds by the EIA but recovered when figures revealed rigs drilling despite three year lows.