U.S. oil pummeled amid supply concerns

World oil prices fell Thursday, after solid gains the previous day, as dealers fretted again over swelling US crude inventories adding to the global supply glut. European benchmark Brent North Sea crude for April delivery dipped 63 cents to $61.00 per barrel in London late afternoon deals. New York's West Texas Intermediate (WTI) for April dived $1.72 to $49.27 a barrel. The US government's Department of Energy (DoE) said Wednesday that crude inventories rose 8.4 million barrels in the week ending February 20 to a record 434.1 million barrels, more than double the increase expected.

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