Oil Closed at Lowest Level Since March 2009

Oil prices fell to around $ 40 / barrel and ended the Wednesday trading with a loss of almost 5% after official data showed a surprise rise in US crude inventories. The closing price on Wednesday also be the lowest since March 2, 2009.

Energy Information Administration said crude inventories rose 2.6 million barrels to 456.21 million barrels last week, that nullifies predictions of a decline of 600,000 barrels. Stocks at Cushing, Oklahoma, the delivery point for US crude futures, also increased 326,000 barrels to 57.44 million barrels.

EIA data is in line with reports of American Petroleum Institute (API) on Tuesday night, which showed a decline of 2.3 million barrels of inventory.

Oil prices have lost about a third of its value since June and continues perched around a 6-year lows over the past week. Concern over flooding global supplies and record inventory levels in the US remains a key factor keeping the downward trend in this commodity.