Oil Drops Below $84

26 April 2010 (Last Updated April 26th, 2010 18:30)

Oil prices dropped below $84 a barrel today as forecasts for repeated increases in US inventories led to concerns of oversupply. For June delivery, US crude fell 32¢ to $83.88 a barrel by 1.57am ET, while ICE Brent crude declined 7¢ to $86.76, according to Reuters. A

Oil prices dropped below $84 a barrel today as forecasts for repeated increases in US inventories led to concerns of oversupply.

For June delivery, US crude fell 32¢ to $83.88 a barrel by 1.57am ET, while ICE Brent crude declined 7¢ to $86.76, according to Reuters.

According to a Reuters poll, crude, petrol and distillate stockpiles in the USA rose for a second straight week last week, contributing to the drop in prices.

Crude stockpiles in the US increased by 400,000 barrels in the week to 23 April, while petrol increased by 500,000 barrels and distillates including heating oil and diesel were expected to have risen by 1.3 million barrels.