Crude Oil Prices Fall Below $77 On Higher US Dollar, Inventories
Oil fell to $76 a barrel today as high inventory levels and strengthening US dollar dragged down the crude oil price.
While US light, sweet crude for delivery in March lost 0.45% to $76.9799 on the New York Mercantile Exchange (NYMEX), London Brent crude dropped 0.63% to $75.79. Although there were bullish signals from the US housing and industrial sectors in the last session, many market participants maintained their cautious stance as oil and fuel supplies are well above normal and demand continues to remain below levels seen during the worst recessionary phase.
The Energy Information Administration (EIA), which is scheduled to release its data later today, is expected to show an increase of 2.2 million barrels in US crude oil inventories in the week to February 12. Analysts also expect gasoline inventories to have increased, while middle distillates stockpiles to have declined.
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