CRUDE OIL

NEW YORK Oil prices fell 3% on Wednesday in the steepest daily drop in five months, as US crude inventories rose to their highest since 1990 and as weak economic data weighed on the outlook for demand.

Brent crude oil for May delivery settled down US$3.58 at US$107.11 a barrel, the biggest one day percentage fall since Nov 3. During the session, Brent prices hit a four-month low of US$106.78 a barrel.

US crude settled down US$2.74 at US$94.45 a barrel, having fallen as low as US$94.18. It settled below the 50-day moving average of US$94.64, a key