Oil extends losing streak

08:29, December 15, 2009      

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Crude oil fell for a ninth straight day on Monday as concerns about a persistently weak demand continued to weigh on the market.

Light, sweet crude for January delivery slumped to as low as 68.59 U.S. dollars a barrel before settling at 69.51 dollars, trading down 36 cents, on the New York Mercantile Exchange.

Oil prices have been declining in the past nine sessions. It is now about 15 percent lower from the year-high level of above 82 dollars.

Oil failed to reverse the downward trend on Monday despite rising equity market and falling dollar, which had helped to boost oil prices most of the year. Investors were worried about the weak demand as fuel supplies have risen six out of the past ten weeks.

In London, Brent crude for January rose one cent to 71.89 dollars on the ICE Futures exchange.

Source: Xinhua
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