US crude stockpiles reported to spike: oil prices plummet

World oil prices plummeted by over one dollar on reports of a rise of 7 miln barrels in US crude reserves for the fourth week in a row. New York's main contract, light sweet crude for delivery in March, plunged to US$87.30 per barrel. Brent North Sea crude for March delivery dipped to US$88.12. Fears that volatile stock markets and a slowing US economic growth could dampen global demand for crude oil continue to exert pressure on prices.