Brent oil prices continue to slide lower in trading on Wednesday afternoon as on speculation that US crude oil inventories climbed to the highest level since 1990 and as the euro weakened against a strong US dollar, further pressuring commodity prices.<\/p>\n
Latest Brent Oil Price<\/strong><\/p>\n In London, Brent crude oil futures for May 2012 delivery was trading at $103.97 a barrel, 14.50 GMT today on the ICE Futures Exchange, or 2.71 percent lower. The European Brent oil contract touched $104.28 on Tuesday the lowest level since December last year.<\/p>\n US Oil Inventories<\/strong><\/p>\n An Energy Department report tomorrow is projected to show that US crude oil supplies rose 1 million barrels to 383.5 million last week, according to analysts.<\/p>\n “We\u2019re looking at a build of another million barrels to a 22-year high. Given how high inventories are and how weak the economy looks, no wonder we\u2019re trading lower. We\u2019re going to probably continue seeing dollar strength, which will keep the pressure on oil.” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut.<\/p>\n Meanwhile, economic confidence in the euro area declined in May to the lowest since October 2009. An index of executive and consumer sentiment in the 17 nation euro area fell to 90.6 from a revised 92.9 in April, the European Commission in Brussels said today.<\/p>\n Outside of Europe, Chinese data this week is likely to affirm economic weakness in the world’s No. 2 oil user even as the government steps up stimulus measures. A recent poll showed China’s official manufacturing managers’ index may have eased in May from a 13 month high in April.<\/p>\n<\/p>\n