Brent crude oil dropped below the key $70 a barrel level today after a shock rise in US crude stockpiles.
The global benchmark dipped 0.57 per cent, or 40 cents, to $69.71 per barrel, while West Texas Intermediate, the US benchmark, fell below the $65 level to $64.60 per barrel, down one per cent.
It came after the American Petroleum Institute released its data on US inventories late last night, reporting a 5.3m barrel rise in crude stocks in the week to 23 March. US stockpiles stood at 430.6m barrels.
"Oil prices are off highs after a surprise build in API Crude inventories ahead of official US data this afternoon, further hampered by the USD index trading off its lows, hurting metals prices and miners too," said Mike van Dulken, head of research at Accendo Markets.
Official US data on crude stocks will be released by the Energy Information Administration (EIA) later today.
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