Global oil prices drop amid mounting oil stockpiles
石油儲備暴漲 全球油價下跌

Global oil prices slid Wednesday following a three-day rally with the main US contract sinking more than 4 dollars. US benchmark West Texas Intermediate for delivery in March tumbled 4.60 dollars, or 8.7 percent from Tuesday's close, to 48.45 dollars a barrel.

In London trade, Brent North Sea crude for March shed 3.75 dollars at 54.16 dollars. The drop wiped out much of the gains of the three-day rally, but crude remained well above its lows for the year.

According to US government data, US oil stockpiles mounted again last week, hitting 30-year highs. The market is well-supplied and there had been little concrete in the supply-demand equation to underpin the rise.