Crude oil fell below 77 dollars a barrel in Asian trade, today, after recent sharp gains as demand concerns and a stronger dollar weighed on the market.New York's main futures contract, light sweet crude for delivery in March fell 43 cents, to 76.90 dollars a barrel. Brent North Sea crude for April delivery declined 31 cents, to 75.96 dollars a barrel. Analysts said prices were impacted by the American Petroleum Institute's oil inventory report on Wednesday indicating a weakness in US demand. The report showed a surprise rise in middle distillate stocks of heating oil and diesel. Prices were also being pressured by a stronger dollar.
News On AIR | February 18, 2010 7:17 PM
Crude oil slips below US$ 77 as dollar strengthens