By Jonathan Davies,

Oil prices have fallen by as much as $2 per barrel ahead of data which is expected to show record US inventories.

Brent crude fell $2 to $58.53 a barrel. Prices had been enjoying a bit of a recovery from the massive falls seen in the second half of 2014. On Tuesday, prices reached the two-month high of $63.

Official figures from the US Energy Information Administration released later today (Thursday) are expected to show US stock of crude oil grew by 14.3m last week, far more than forecast.

And consultancy firm PIRA claims Saudi Arabia could be increasing production to nearly 10 million barrels per day.

Over supply was widely considered to be the reason for the huge falls in oil prices seen last year, particularly towards the end of 2014.

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