Cooling US oil prices beat a fresh retreat this afternoon after the US government reported a fresh rise in fuel inventories, as high prices appeared to slow gasoline demand growth.
US light crude futures fell to a new five-week low of $36.45 per barrel, down 14 percent from their last week's peak at $42.45, the highest price since the New York Mercantile Exchange launched its crude contract in 1983.
Prices fell after the US federal Energy Information Administration (EIA) reported that crude oil stocks rose by 400,000 barrels to 302.1 million barrels last week, their highest in nearly two years.
Gasoline stocks also rose by 2.1 million barrels to 206.4 million, easing concerns that US refineries will struggle to meet summer gasoline demand as Americans take to the roads for vacations.