Global glut hits oil price again

Oil traded near the lowest level in more than six years yesterday as an unexpected rise in US crude stockpiles exacerbated a global glut.

Futures were little changed after dropping 4.3% the previous session.

Inventories expanded by 2.62m barrels last week, the most since April, US government data showed, and crude may fall to $32 (€28) a barrel as the surplus persists, Citigroup predicted.