World oil prices slide lower on supply glut, US Fed interest hike

World oil prices sank further on Thursday after rising US stockpiles reinforced fears of a prolonged global glut, while a stronger dollar added downward pressure. US benchmark West Texas Intermediate for delivery in January was down 33 cents at $35.19 a barrel. Brent North Sea crude for February delivery stood at $37.26, down 13 cents compared with yesterday’s close. Crude futures in New York slid Wednesday to new multi- year lows after US data showed a big increase in petroleum stockpiles. A report from the US Department of Energy showed that crude supplies rose 4.8 million barrels in the week ending December 11. Prices have tumbled since December 4, when the OPEC oil exporters’ group refused to set a production limit despite a supply glut, anaemic demand and a slowing global economy. “US crude production shows no signs of faltering despite the low crude oil prices. We continue to wait patiently for production to drop. However, it is taking painfully long,” said analyst Daniel Ang at Phillip Futures, in reference to the US stockpile figures.