Oil tumbles to 76 dollars along with stocks

08:09, January 22, 2010      

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Oil prices tumbled more than two percent on Thursday as a government report shows weak demand of energy consumption and heavy sell-off in equity market weighs on commodities.

The U.S. Energy Department's Energy Information Administration reported on Thursday that crude stockpiles fell by 471,000 barrels, but the decrease was due to decline in supply rather than consumption. Meanwhile, the report shows U.S. fuel consumption in the past four weeks fell 1.8 percent from one year earlier.

President Barack Obama on Thursday proposed to impose new limits on the size of the nation's biggest banks and restrict their risk-taking abilities. Investors in commodities market were concerned as major banks like Goldman Sachs have been heavy-weight players in the oil market.

The dollar strengthened against the euro and other major currencies, also pressuring oil prices.

Light, sweet crude for March delivery fell 1.66 U.S. dollars to settle at 76.08 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for March delivery fell 1.74 dollars to 74.58 dollars a barrel on the ICE Futures Exchange.

Source: Xinhua
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