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Crude Prices Slipped On US Stockpiles Rise

World crude oil prices plummeted on Wednesday

World crude oil prices plunged on Wednesday for the sixth straight day to below $58 per barrel as U.S. energy stockpiles grew.

New York's light sweet crude for delivery in March, lost $1.92 to $57.65 per barrel, the lowest close for front-month oil futures since Dec. 19.

In London, the price of Brent North Sea crude fell $1.37 to $58.15 per barrel.

U.S. crude oil inventories rose last week by 4.9 million barrels to 325.6 million barrels, or 11 percent higher than a year ago, the U.S. Department of Energy said in its latest weekly report of energy stockpiles Wednesday.