Oil drops as investors eye inventory, dollar

11:08, November 25, 2009      

Email | Print | Subscribe | Comments | Forum 

Crude prices fell on Tuesday as investors expected an increase in the U.S. crude and gasoline inventory, showing demand is still lagging ahead of the Thanksgiving Holiday.

Light, sweet crude for January delivery lost 1.54 U.S. dollars, or 2.0 percent, to settle at 76.02 dollars a barrel on the New York Mercantile Exchange, the lowest close in more than a month.

As the next weekly report coming Wednesday, analysts believed that crude and gasoline supplies grew again last week, giving obvious pressure on the price of oil.

The dollar gained versus most of its counterparts, dragging oil down by reducing its appeal as an alternative investment.

In London, Brent Crude for January delivery fell 1 dollar to settle at 76.46 dollars a barrel on the ICE Futures exchange.

Source: Xinhua
  • Do you have anything to say?
Special Coverage
Major headlines
Editor's Pick
Most Popular
Hot Forum Dicussion