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Oil slides on weak demand, stronger dollar

Updated:2010-01-28 15:54:12

Oil prices fell further on Wednesday as the weekly inventory report suggested sluggish demand and the dollar strengthened against the euro.

The U.S. Energy Department Energy Information Administration reported a draw in crude inventory last week, versus a buildup analysts had expected. However, gasoline stockpiles increased more than expected, and distillate fuel, which includes heating oil and diesel, surprisingly rose.

The report shows that U.S. energy demand remained weak as the four-week average fuel consumption was about two percent lower than one year earlier.

The dollar continued to rise against the euro on Wednesday, also pressuring on oil prices. A strong greenback usually limits the appeal of commodities including crude futures as an alternative investment.

Light, sweet crude for March delivery fell 1.04 U.S. dollars to settle at 73.67 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for March delivery dipped 1.13 dollars to 72.16 dollars a barrel on the ICE Futures Exchange.

 

 

Source:http://news.xinhuanet.com

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