Oil Dips Towards $78
December 29, 2009 by Trend PK
Filed under Business News
SINGAPORE: Oil eased toward $78 on Tuesday, after hitting a five-week high a day earlier.
U.S. crude for February delivery fell 28 cents to $78.49 a barrel in thin pre-holiday trade.
It settled up 72 cents on Monday, after touching $79.12, the highest since November 23. Heating oil futures led gains in the oil complex as forecasters called for colder weather in the United States, the world’s largest energy consumer.
London Brent crude for February shed 22 cents to $77.10.
U.S. crude inventories fell last week as refiners drew down inventories for year-end tax issues and imports declined, a poll of analysts showed.
Ahead of weekly inventory data from industry group American Petroleum Institute and the U.S. government Energy Information Administration (EIA), seven analysts forecast crude inventories fell an average of 1.5 million barrels in the week to December 25.
Oil Dips Towards $78 was first posted on December 29, 2009 at 3:52 pm.
