Oil Prices Slipped On Distillates Stocks Increase

Oil prices continued lower after US inventory data showed a surprise rise in distillates stocks.

Light, sweet crude for March delivery dropped 40 cents to $54.64 in electronic trading on the New York Mercantile Exchange at midday Jan. 24 in Europe, according to the AP.

March Brent crude on London's ICE Futures exchange was down 26 cents at $54.84 a barrel.

Last week, figures showed the biggest increase in crude inventories in more than four years, which suggests energy prices may have further to fall.