Oil prices slump as stockpiles and rate hikes stoke demand fears

Oil prices fell by more than $5 on Thursday after higher U.S. gasoline stockpiles and an ECB rate hike stoked demand worries and returning oil supply from Libya eased supply concerns.

Brent crude futures lost $3.88, or 3.6%, to $103.04 a barrel by 1224 GMT after slipping 0.4% in the previous session. U.S. West Texas Intermediate crude futures were down $3.79, or 3.8%, at $96.09 after a 1.9% drop on Wednesday.