The oil price fell US29c a barrel to about $US25.90 in Asian trading, from its US close of $US26.14 a barrel.
After the US market closed US81c lower at $US26.14, the American Petroleum Institute said US crude stocks rose 2.3 million barrels to 291.6 million for the week to November 1. This pushed an already weak oil market lower in Asian trading.
Fears of rising supply together with easing of the "war premium" has seen the crude oil market (based on the benchmark West Texas Intermediate crude) fall by 17% over the past six weeks from its 19-month high of $US31.20 a barrel on September 24.
