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Oil Down 4%; US Stockpile Build Threatens Market Recovery

stander
stander
in Oil, Gas and Energy News

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NEW YORK, March 23 (Reuters) - Oil prices tumbled 4 percent on Wednesday, with U.S crude settling below the key $40 per barrel mark after a sixth straight week of record highs in stockpiles that traders warned could cut short the market's two-month long rally.

Weak equity markets also sapped the strength in oil while a strong dollar weighed on demand for crude from users of the euro and other currencies

http://www.downstreamtoday.com/news/article.aspx?a_id=51528

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