Light, sweet crude oil for March delivery dropped to settle below $54/bbl on the New York market Feb. 5 as participants awaited a weekly US government report on oil and product inventories. Oil prices continued to decline on Feb. 6 after the American Petroleum Institute released weekly inventory data late Feb. 5 showing US crude stockpiles rose by 2.5 million bbl for the week ended Feb. 1.

Source: News