Commodities: Oil weakens on rising stockpiles
A bigger than expected rise in US weekly crude inventories had oil on the slide for the second session on the trot Wednesday.
US light crude for March delivery fell $1.27 to $87.14 a barrel on the New York Mercantile Exchange, although that was a touch better than its intraday low of $86.80.
Crude supplies increased by 7 million barrels in the week to 1 February, according to the Energy Information Administration, far more than the 2-3 million analysts had predicted.
Stockpiles have grown by some 17 million barrels over the past four weeks, which, coupled with concerns about a possible dip in demand if a recession hits, has dragged oil further away from the magic $100 mark touched briefly late last year.
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On the metal markets, gold clawed back a large chunk of the previous session's losses, topping $900 in New York as the dollar eased versus many of the major currencies.
Gold for April delivery added $14.70 to $905 an ounce, with bargain hunting continuing in New York after a rush to take advantage of weaker prices overnight.
Analysts reckon the recent dip was just a temporary move, with a re-investment of funds, a strong Indian rupee and worries about power output issues in South Africa likely to support the yellow metal going forward.
