Oil slightly lower on stocks, stronger dollar

08:28, January 29, 2010      

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Oil prices edged lower on Thursday as U.S. stocks declined and the dollar strengthened against the euro.

Light, sweet crude for March delivery fell 3 cents dollars to settle at 73.67 U.S. dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for March delivery dipped 21 cents to 72. 03 dollars a barrel on the ICE Futures Exchange.

U.S. stocks fell sharply after a series of mixed economic data and earnings report. By the time oil futures closed trading, Dow and S&P lost more than one percent while Nasdaq shed more than two percent. Oil traders usually take equity market as an indicator of the economic growth and energy demand.

The dollar continued to rise against the euro on Thursday, also pressuring on oil prices. A strong greenback usually limits the appeal of commodities including crude futures as an alternative investment.

The latest government inventory report released on Wednesday showed that U.S. energy demand remained weak as the four-week average fuel consumption was about two percent lower than one year earlier.

Source: Xinhua
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