Brent crude oil price upturn stalls at $40

Oil was poised for the first weekly decline since mid-February as US crude stockpiles expanded again, keeping supplies at the highest level in more than eight decades.

Futures fell as much as 3.7% yesterday in New York after slumping 4% on Wednesday.

Inventories rose by more than three times what was projected in a survey, while imports last week increased to the highest since June 2013, Energy Information Administration data showed.