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Oil prices drop

Oil prices sank on Wednesday after US government data showed a large increase in U.S. crude stockpiles for the second week in a row and as the market continues to grapple with concerns about weakening fuel demand.
 
According to the United States Energy Information Administration, U.S. commercial crude inventories rose by 2.2 million barrels in the week through June 7. 
 
Analysts in a Reuters poll had expected stockpiles to fall by 481,000 barrels.
 
Brent crude, the international benchmark for oil prices, was down $1.45 or 2.3 per cent, at $60.84.
 


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