Oil prices fall $2 per barrel after hitting a two-month high

Oil prices fell sharply on Thursday after big rise in US oil inventories and rising output from Saudi Arabia.
Brent crude price falls $2 per barrel to reach to $58.53 on Thursday, after hitting a two-month high of $63 a barrel on Tuesday, this tumble drove the Russian rouble lower because oil is one of the country’s main exports.
Shock data from American Petroleum Institute shows record level of crude stocks, “US crude stocks rose by 14.3m barrels last week, far more than analysts had expected”, according to the American Petroleum Institute . Markets are waiting for official figures from the US Energy Information Administration, out at 16.00 GMT. If they confirm the large build-up in inventories, it would be the biggest weekly increase since data started in 1982.
Also, Saudi production may rise to near 10m barrels a day, according to consultancy PIRA. “Crude oil prices declined on concerns that the recent rally is overdone amid a continuing supply glut. The price rise of 34% since mid-January has largely been fueled by cuts to capital spending and falling US rig counts, which have yet to result in a fall in near-term production” Analysts at ANZ bank said.