Crude oil fell as U.S. inventories approached a seven-year high, easing concern about supply disruptions in Nigeria and Iraq.
Stockpiles probably rose 2.4 million barrels last week, according to the median of forecasts in a Bloomberg News survey. Supplies jumped 4.8 million barrels to 340 million in the week ended March 10, the highest since May 1999, the Energy Department said.
Oil plummets more than $2
Oil prices tumbled $2.35 to $60.42 a barrel on Monday, as investors bailed out just ahead of the switch to the new futures trading contract. The fall in U.S. light, sweet crude for April delivery represented a 3.8 percent slip in price.
The contract, which expires at the end of Tuesday's session, fell 81 cents on Friday, but still ended the week up nearly $3 on concerns about potential supply interruptions.
|technorati tags: Energy, economy, Oil, Oil Supply|