London - Oil plunged on Thursday before the release of a closely-watched report that is expected to show a surge in US stockpiles to a 33-year high, adding to a global supply glut.
US benchmark West Texas Intermediate for delivery in March dived $2.07 to $50.07 per barrel compared with Wednesday's close.
Brent North Sea crude for April delivery slid $1.55 to stand at $58.98 a barrel in London early afternoon deals.