Investing.com - Oil prices fell on Thursday, dented by record U.S. crude inventories at the Cushing delivery hub, worries about the demand outlook and as Goldman Sachs (N:GS) said prices would remain low and volatile until the second half of the year.
Brent crude futures were down 1.65% at $30.33 per barrel at 11.57 GMT.
U.S. crude futures were down 3.88% at $26.39 per barrel, not far off the $26.19 intraday low hit in January that was their weakest price since 2003.
Oil supplies at Cushing, Oklahoma, the key delivery point for U.S. crude rose to an all-time high just shy of 65 million barrels, data from the government's Energy Information Administration showed on Wednesday.
Goldman Sachs said the overhang in oil supplies, together with an economic slowdown in China, means prices will remain low until the second half of the year.