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Crude oil inventories rose sharply last week, even as the US grappled with severe winter storms and unseasonably cold weather in many parts of the country.
Crude stockpiles rose by 2.42 million barrels, signaling diminished demand as the economy continues to slowly emerge from the worst recession in decades. Oil inventories were expected to rise 1.5 million barrels, following an increase of more than 2 million the week before.
The build was foreshadowed by industry data released earlier in the week by the American Petroleum Institute, which said that inventories rose a whopping 7.195 million barrels in the week ended February 5.
Crude prices have tumbled on Friday, with concerns about Chinese demand and a robust US dollar driving most commodities prices lower. The price of crude for March was down $2.05 at $73.23 a barrel just after 11 am ET.
Prices pulled back after rising earlier in the week. The International Energy Agency said Thursday that world oil demand and prices will rise this year on strong growth in emerging economies.
Since then, however, China hiked its reserve requirement on banks, generating concerns about energy demand from the Chinese.
The agency warned of sluggish demand from developed nations.
"Even the recent record US and European winter snows look unlikely to revive OECD demand -- which remains flat at best in 2010 -- an 'oil-less' recovery indeed," the agency said.
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