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NEW YORK, March 9 (Xinhua) -- Oil prices dropped on Thursday as investors were concerned over global oil glut.
The U.S. crude oil inventories rose 8.2 million barrels in the March 3 week to a record of 528.4 million, up 7.7 percent from last year at this time, the U.S. Energy Information Agency said on Wednesday.
Analysts said the rise far exceeded the market forecasts of a 2-million-barrel build and renewed concern over global oil glut.
The West Texas Intermediate for April Delivery erased 1 U.S. dollar to settle at 49.28 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 0.92 dollar to close at 52.19 dollars a barrel on the London ICE Futures Exchange. Enditem
