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Latest Headlines
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Feb 18, 2010 6:06:00 AM MST
Oil falls below $77 in Europe on stronger dollar, US gasoline and distillate supplies jump (Oil-Prices)
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Oil prices fell below US$77 a barrel Thursday on a stronger American dollar and signs that demand for gasoline and other fuels in the United States remains sluggish.
By early afternoon in Europe, benchmark crude for March delivery was down 65 cents to $76.68 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 32 cents to settle at $77.33 on Wednesday.
Inventories of distillates, which include heating oil and diesel fuel, rose 1.3 million barrels last week, the American Petroleum Institute said late Wednesday. Analysts, eyeing a cold weather spell in much of the U.S. this month, had expected a of 1.6 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Gasoline inventories also grew while crude supplies fell slightly, the API said.
The Energy Department´s Energy Information Administration is scheduled to announce its supply report _ the market benchmark _ later Thursday.
Crude has traded between $69 a barrel and $84 for most of the last six months as the global economy recovers from recession, but crude demand from developed countries remains weak.
A recovering U.S. dollar also put pressure on oil prices, as a stronger dollar makes oil more expensive for investors holding other currencies.
The euro fell to $1.3563 on Thursday from $1.3618 late Wednesday in New York, while the British pound was lower at $1.5595 from $1.5686 and the dollar was down to 90.90 Japanese yen from 91.15 yen.
Some analysts expect demand to soon pick up, and conspire with limited supplies to boost prices.
"In retrospect, it appears that the global economic crisis has postponed, but not cancelled, a crunch which otherwise would have been starting to bite pretty much now," Barclays Capital said in a report. "The trading range should start to move up, with $80 per barrel transitioning from being an effective ceiling to instead becoming an effective floor."
In other Nymex trading in March contracts, heating oil fell 2.27 cents to $1.9840 a gallon, and gasoline ped 1.48 cents to $1.9923 a gallon. Natural gas lost 7.7 cents to $5.309 per 1,000 cubic feet.
In London, Brent crude was down 78 cents at $75.49 on the ICE futures exchange.
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(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)
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