LONDON (AFP) – Oil fell further on Thursday, with the market weighed down by plentiful crude stockpiles in top consumer the United States, while traders awaited the latest eurozone interest rate decision.

New York’s main contract, light sweet crude or West Texas Intermediate (WTI) for June, fell 50 cents to $104.72 a barrel.

Brent North Sea crude for delivery in June lost 59 cents to $117.61 a barrel in London morning deals.

“Today, the theme of ample supply continues with prices edging lower,” said Sucden analyst Jack Pollard.

Crude futures also sank Wednesday on profit-taking and as soaring US crude supplies indicated weaker demand in the world’s biggest economy.

“Oil prices have come under pressure following publication of the US inventory data,” said Commerzbank analyst Eugen Weinberg.

“According to the US Department of Energy, US crude oil stocks climbed 2.8 million barrels last week and are now at their highest level since September 1990.

“US crude oil stocks have risen by 29.5 million barrels since the end of March, their sharpest six-week increase since February 2009.”

The DoE had also revealed that inventories in Cushing, Oklahoma — the delivery point for New York’s benchmark WTI futures contract — rose 1.2 million barrels to hit a record high at almost 43 million barrels.

At the same time, sentiment was also hit Wednesday after US payrolls firm ADP reported that private-sector hiring in April fell 41 percent compared with the March number, dampening hopes for Friday’s key non-farm payrolls report.

ADP also reported businesses added only 119,000 jobs in April, far below Wall Street expectations of 170,000. Compounding the soft job picture was a sharp downward revision of the March number to 209,000.

Later on Thursday, traders will digest the latest interest rate decision from the European Central Bank.

Eurozone bank chiefs gathered under tight security in Spain to discuss whether to provide more easy money for governments as the political resolve to rein in deficits shows signs of crumbling.

The ECB’s regular monthly policy-setting meeting is being held in Barcelona instead of Frankfurt, amid an exceptional police presence and fears of violence in Spain’s climate of social unrest.

Oil was also hit Wednesday after data showed that eurozone unemployment rose to a record 10.9 percent in March, piling pressure on governments to shift from austerity to growth policies in order to revive their economies.

Crude prices had surged in New York on Tuesday, supported by stronger-than-expected industrial data in the US and China, the world’s top energy consumers.

“It had looked like a bout of May momentum was gathering pace with firmer US and Chinese manufacturing output ushering in the start of the month,” said Justin Harper, market strategist at IG Markets Singapore.

“But ADP figures showing US employment rose by 119,000, compared to an expected 177,000 soon burst the bubble,” he said in a market commentary.

“Bleak eurozone unemployment data also did its bit to remind traders that any global recovery will not be in a straight line but instead a road filled with potholes and sharp bends.”