Oil falls in light year-end trade

08:06, December 30, 2010      

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Crude prices fell on Wednesday in light trade as investors took profit from earlier gains before year-end.

There were no crucial economic data scheduled to release on Wednesday and the trade volume on the crude market was very thin. Investors played out because of the New Year holiday.

But weak dollar and supply drop were still supportive to crude oil price.

The U.S. dollar index, which tracks the dollar performance against a basket of currencies, dipped about 0.6 percent.

On Thursday, the Energy Information Administration will provide weekly information on petroleum inventories in the United States, which is forecasted to fall.

Light, sweet crude for February delivery declined 37 cents to 91.12 U.S. dollars a barrel on the New York Mercantile.

Source: Xinhua
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