LONDON (SHARECAST) - Oil prices skidded 2% to a five-week low on Wednesday on increasing concern about weakening demand from the US.
Futures headed sharply lower after the latest data showed US service industries grew at the slowest rate in 18 months in July.
Crude futures traded at an intra-day low of $91.22 a barrel after the US Energy Department said crude supplies increased 950,000 barrels to 355m in the last week.
Gasoline supplies surged 1.7m barrels while inventories of distillates, which include heating oil and diesel, grew 400,000 barrels.
Crude for September delivery settled $1.86 lower at $91.93 a barrel on the New York Mercantile Exchange.
Persistent concern about a slowing US economy has been driving crude prices steadily downward.
Brent crude settled down $3.23 at $113.23 a barrel on the ICE Futures Europe exchange.
Gold rallied to a record $1,666.30 an ounce, up $21.80 on the Comex division of the New York Mercantile Exchange as investors sought its safe haven appeal.
Silver for September soared $1.67 to $41.76 an ounce, three month high while September copper lost 7 cents to $4.33 a pound.
