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Traders said only an oil worker strike in Kuwait had prevented Brent from tumbling below $40 per barrel, while a cut in U.S. drilling down to 2009 levels had prevented steeper falls there.

"Oil prices fell on Wednesday as investor focus returned to worries about oversupply after Kuwaiti workers ended a three-day strike that had halved the nation's crude output.

Industry data showed U.S. crude stockpiles rose last week, reinforcing concerns about the global surplus. Brent futures LCOc1 were down 94 cents at $43.09 (30 pounds) a barrel at 0830 GMT.

U.S. crude CLc1 was down 98 cents, or more than 2 percent, at $40.10, after dipping below $40."

Full article on Reuters