Oil prices tumbled again yesterday, sliding to a two-month low near $45 (€34.77) a barrel, as growing fuel stocks in the United States eased fears of a winter supply crunch.
The suspension of a Nigerian general strike and Iran's decision to halt uranium enrichment from November 22nd further eased concern over possible threats to international oil supplies.
US light crude fell $2.07, or 4 per cent, to $45.25 a barrel, the lowest price since mid-September and down more than $10 from late October's record high of $55.67.
London Brent, the benchmark for European crude imports, fell $2.21 to $40.10 a barrel.
A rebound in crude inventories in the US, the world's largest energy market, has brought oil prices down from their peaks. Supplies have risen 22 million barrels or 8 per cent in the past seven weeks, thanks in part to the highest OPEC production in decades.
"At this moment, there are enough stocks, there is no real alarm. If you compare to last year, stocks in the world are pretty normal," Mr Jeroen van der Veer, chief executive of Royal Dutch Shell Group, said.
