Oil falls below $56 as US crude stocks swell

Oil prices fell below $56 on Wednesday, retreating further from record peaks due to rising US crude oil inventories.

US light crude shed 64 cents to $55.40 a barrel, around $3 below Monday’s all-time high of $58.28. London Brent crude fell 54 cents to $54.90 a barrel. Prices eased as the US Energy Information Administration said crude oil inventories, already at the highest level in three years, rose again last week.