Oil prices recoil on US energy report

Global oil prices fell sharply today following news of a weak crude demand on the United States, which is the world's top consumer.
Brent North Sea crude for delivery in April sank USD 1.01 to USD 108.29 a barrel in London late afternoon deals.
West Texas Intermediate (WTI) for April shed USD 1.24 to USD 102.09 a barrel.
The US Department of Energy announced in its weekly energy report that American crude inventories rose by 1.4 million barrels in the week ending February 28.
That was stronger than analysts' consensus forecasts for a smaller gain of 1.0 million barrels and indicated weaker-than-expected demand.

"A 1.4-million-barrel stock build reflected the combined impact of greater imports and lower demand," noted BNP Paribas analysts.
The oil market was also hit after a report showed only modest US private-sector jobs growth in February.
Payrolls firm ADP said US businesses added just 139,000 jobs in February, well below the monthly average of 186,000 over the last year and below the 150,000 expected by analysts.