REUTERS
U.S. oil prices closed at their lowest in more than six years on Wednesday after U.S. data showed an unexpected rise in crude stockpiles, according to American business news television channel CNBC.
U.S. crude oil futures, also known as West Texas Intermediate (WTI), settled down 4.3%, at $40.80 a barrel. That was the contract's lowest close since March 2009, CNBC reported.
North Sea Brent crude was down 20 cents, at $46.90 a barrel.
U.S. crude stocks were up 2.6 million barrels at 456.21 million barrels last week, the U.S. Energy Information Association said. Meanwhile, gasoline stocks fell by 2.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel drop, according to the report.
"As we go into the next couple of months, crude oil demand is going to decline, which worries the market," said Andy Lipow, head of Houston consultancy Lipow Oil Associates, according to ChannelNewAsia. Lipow and other analysts expect oil prices to dip below $40 a barrel.