Oil fell below $63 a barrel on Friday, its lowest level since March, as ample U.S. fuel stocks looked set to meet winter heating demand in the world's biggest consumer.
U.S. crude was off 42 cents at $62.80 a barrel at 1319 GMT after falling 64 cents on Thursday.
London Brent crude was off 36 cents at $63.18.
U.S. natural gas futures sank to a two-year low on Thursday after a surprise rise in stocks. Natural gas stocks are over 12 percent above the average for the last five years.
Distillate stocks, which include heating oil, also jumped more than expected and were well above the five-year average, according to the U.S. government.
"The large natural gas and distillate stocks are the main bearish factors that have brought prices down again," said Tetsu Emori, chief strategist at Mitsui Bussan Futures.
Post a Comment