Written by Kim Bardsley
Crude oil prices continued to slide this morning (April 28th), extending losses seen yesterday as Greece's debt rating was downgraded to junk status by ratings agency Moody's.
In the US the American Petroleum Institute also revealed a supply glut across oil, heating oil, gasoline and other products.
According to the group, crude supplies rose 5.3 million barrels last week, more than five times the size of the increasing analysts polled by Reuters had expected.
Speaking to the news agency, David Moore, an analyst at the Commonwealth Bank of Australia, commented: "US oil demand is weak. Over the course of this year we may see inventories decrease a bit, but overall they will probably remain relatively high."
By 02:34 Central Standard Time, the headline crude contract on the New York Mercantile Exchange was trading at $82.02 (£53.88) a barrel, down 42 cents on yesterday's settle price.
Crude losses this week have now exceeded three per cent.
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