Oil fell towards USD 76 a barrel on Thursday as rising crude inventories in the United States signalled a rebound in US economic activity was failing to translate into higher demand.
US crude for March delivery declined 58 cents to USD 76.40 a barrel at 0904 GMT, while London ICE Brent shed 59 cents to USD 75.33.
A government report on Wednesday showed US crude stockpiles rose by more than expected as imports jumped and refineries kept operating at unusually low rates.
Oil has rebounded by more than USD 4 this week from a six-week low of USD 72.43 on January 29. But prices are still far from a 15-month high close to USD 84 reached on January 11 and well below the record peak close to USD 150 in July 2008.
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Lables:oIL PRICE,Cmmodity
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