Oil prices dropped below $42 a barrel in Asia as rising US crude inventories.
The US House of Representatives passed an $819-billion stimulus plan last night aimed at spurring growth amid the worst recession in decades.
Light, sweet crude for March delivery fell 54 cents to $41.64 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange. The contract rose 58 cents overnight to settle at $42.16.
The US Energy Department’s Energy Information Administration on Wednesday said commercial crude oil inventories jumped 6.2 million barrels from the previous week, almost twice what was expected.
Crude inventories have grown by more than 20 million barrels in the last month, stoking investor fear that consumer demand is suffering amid huge job losses in recent months.
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