Oil prices have plunged amid rising crude oil stockpiles in the US and skepticism over potential further production cuts by OPEC members. On Wednesday, New York's main futures contract, light sweet crude for April, dropped 3.38 dollars from its closing price on Tuesday to 42.33 dollars. In London, Brent North Sea crude for delivery in April fell 2.56 dollars to settle at 41.40 dollars a barrel.
The US Department of Energy announced on Wednesday that US crude oil reserves increased by 700,000 barrels last week, which was slightly more than market expectations.
Also on Wednesday, Algerian Energy Minister and former OPEC President, Chakib Khelil, said that the market would continue sliding if the organization refrained from cutting output. Khelil said he believed the "majority" of OPEC's 12 member nations backed a reduction in production that would help to support prices and in turn boost their incomes.