In late afternoon deals in London, Brent North Sea crude for delivery in April dived United States dollars 2.25 to USD 30.63 per barrel. It settled down $1.24, or 4.5 percent, at $26.21 a barrel, breaking a psychologically key level of $26.19, the lowest since May 8, 2003, when it hit $26. It was reported yesterday that Opec producer Iran has undercut oil from Saudi Arabia as it hopes to win more customers after sanctions were recently lifted. Globally $400bn of spending on new oil and gas projects has been shelved since the price of crude oil collapsed.
Oil prices steadied on Wednesday, supported by a drop in U.S. commercial crude inventories and the loss of storage capacity in Libya, but under pressure ahead of a meeting of OPEC exporters which may increase global production.
U.S. crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to an American Petroleum Institute report on Tuesday.
Traders said a drop in Libyan supplies due to the collapse of an estimated 400,000-barrel storage tank also helped push up prices.
more detail at source: https://uk.reuters.com/article/uk-global-oil/oil-prices-edge-up-on-report-of-lower-u-s-crude-inventories-idUKKBN1JG01G