Oil prices slide as weak demand pressures market

08:13, December 04, 2009      

Email | Print | Subscribe | Comments | Forum 

Crude oil ended slightly lower on Thursday as the market was still under pressure of ample energy supply and weak demand.

Light, sweet crude for January delivery gave up 14 cents to settle at 76.46 dollars a barrel on the New York Mercantile Exchange.

Oil initially rebounded as the dollar weakened versus a basket of major currencies. The future touched 77.50 dollars a barrel during the session before retreating to negative territory.

Thursday's market was still pressured by the inventories report released by the Energy Information Administration (EIA) on Wednesday, which showed U.S. crude oil inventories rose to the highest level since August even as Oil imports sank to the lowest point since the fourth quarter of 1990.

In London, Brent Crude for January delivery rose 48 cents to settle at 78.36 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