Oil prices have fallen for the fifth day in a row weighed down by a stronger U.S dollar and amid concerns over demand. Prices dropped after the U.S Energy Information Administration lowered its forecast for global oil demand in 2010. The dollar also gained against a basket of currencies making oil which is priced in dollars more expensive for holders of other units. US crude oil for January delivery fell 1.31 dollars to settle at 72.62 dollars a barrel. In London, Brent crude fell 1.24 dollars settling at 75.19 dollars. The Energy Information Administration said it expects world oil consumption next year to increase by 1.1 million barrels per day. Last month, it had forecast consumption to grow by 1.26 million barrels per day.
News On AIR | December 9, 2009 9:45 AM
Crude oil prices slips for 5th consecutive day