Oil price ‘could get worse’ before rise

Oil yesterday posted a big loss, as an expansion in US crude stockpiles exacerbated a global glut.

US futures prices have slumped 32% this year, a second annual loss that exceeds the magnitude of the slide during the Asian economic crisis, from 1997 to 1998.

US crude inventories increased by 102m barrels, or more than 25%, over the year, according to Energy Information Administration data.