Crude prices fall below $70 for first time in two months

14:38, December 12, 2009      

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Crude prices fell below 70 U.S. dollars for the first time since early October on Friday as the dollar rose against other major currencies.

Boosted by higher-than-expected U.S. retail sales in November, the greenback rose on Friday, triggering a commodity sell-off.

Also on Friday, the International Energy Agency said that world oil demand will rise by almost 1.5 million barrels per day (bpd) in 2010 to 86.3 million bpd because of increased economic activity in Asia and the Middle East.

Light, sweet crude for January delivery was down 67 cents to 69.87 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for January delivery was up 2 cents to 71.88 dollars on the ICE Futures exchange.

Source: Xinhua
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