Oil dips, hits lowest since January as U.S. data fans fuel demand fears

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Reuters UK

By Arathy Somasekhar HOUSTON (Reuters) – Oil edged to its lowest since the start of the year in volatile trading, after U.S. government data showed an unexpectedly large build in fuel stocks, feeding fears about demand in a market already spooked by an uncertain economy. Brent futures for February delivery fell $1.62 to $77.73 a barrel, a 2% loss, by 11:14 a.m. EST (1614 GMT). U.S. crude fell $1.80, or 2.4%, to $72.45 per barrel. During the session, Brent hit its lowest since Jan. 3. U.S. distillate stocks posted a build 6.2 million barrels, according to the Energy Information Administration, …

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