Crude prices tumble on ample supplies

Crude price slipped Thursday as market was concerned that global supply might surpass demand.

Crude stockpiles added 5 million barrels to 361.7 million barrels last week, according to the Energy Information Administration (EIA)'s data released Wednesday, beating market's expectation of an increase of 2 million barrels.

Technology and high prices are opening up new oil resources from North America. U.S. domestic crude production rose to the highest level since March 1986, said EIA.

Crude supplies from the Organization of Petroleum Exporting Countries (OPEC) also rose in September. Saudi Arabia, the main crude exporter, cut its crude benchmark prices to Asian customers last week.

Traders worried that the slowing demand could not catch up with the rising global supplies.

The International Monetary Fund (IMF) lowered its global economic growth forecast for 2014 and 2015 Tuesday. In its updated economic outlook, the IMF expected the global economy to grow 3.3 percent in 2014 and 3.8 percent in 2015, down 0.1 percentage point and 0.2 percentage point respectively from its July forecasts.

Light, sweet crude for November delivery moved down 1.54 dollars to settle at 85.77 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery lost 1.33 dollars to close at 90.05 dollars a barrel.