Crude oil inventories up in US; prices decline

Crude oil prices continued their downward trend Wednesday on news of higher inventories in the US and a return by North Korea to six-party talks, lessening tensions over its nuclear ambitions. The North Koreans agreed to the return after Washington said it would discuss the financial sanctions that were leveled against North Korea in the wake of missile tests it conducted.

New inventories data showed that crude oil stockpiles added 2 millions barrels last week, while the numbers showed that there was less gasoline and heating oil in storage than had been anticipated. At midday in New York, Brent crude December contracts dropped 68 cents to $58.35 per barrel. December delivery West Texas Intermediate crude fell 54 cents to $58.19 per barrel.