Oil prices fall sharply on rising fuel stocks data

World oil prices fell sharply on Wednesday as U.S. commercial crude oil inventories increased.

New York's main contract, light sweet crude for delivery in November, shed 1.28 dollars to close at 57.65 dollars a barrel.

In London, Brent North Sea crude for December delivery lost 1. 36 dollars to settle at 59.58 dollars a barrel.

The Energy Department reported Wednesday that the nation's commercial crude oil reserves rose by 5.1 million barrels to 335.6 million in the week ended Oct. 13.

Gasoline supplies, however, plunged 5.2 million barrels to 210. 2 million last week, compared with a decline of only 200,000 barrels expected by analysts.

Meanwhile, stockpiles of distillate products, such as heating oil and diesel fuel, dropped by 4.5 million barrels to 145.4 million. The drop was far more than the fall of 800,000 barrels analysts had been forecasting.

OPEC would hold an extraordinary meeting in Doha on Thursday to discuss a cut in production to check the fall in prices. Crude futures have fallen more than 20 percent from its record 78.40 dollars per barrel in mid-July, as demand was downgraded and supply worries eased.

Source: Xinhua