Crude oil at $78 a barrel falls to lowest this year

Whiddy Island oil tanks in Bantry, West Cork. US data shows an unexpectedly large build up in fuel stocks, which now contributes to the price changes. Picture: Andy Gibson

The price of global crude oil edged to its lowest since the start of the year in volatile trading, after US government data showed an unexpectedly large build in fuel stocks, feeding fears about demand in a market already spooked by an uncertain economy.

The price for Brent crude tumbled $1.20 to $78.15 a barrel, after earlier hitting its lowest level in over 11 months.