Oil prices drop before US inventory data
0 Comments | AFP, December, 2009
LONDON (AFP) Oil prices fell on Wednesday after recent strong gains and as the market awaited a report on the health of crude inventories in the United States — the world’s biggest energy consuming nation.
New York’s main contract, light sweet crude for January delivery, dropped 62 cents to 77.75 dollars a barrel.
Brent North Sea crude for January delivery shed 46 cents to 78.89 dollars a barrel.
The US government will publish later on Wednesday its latest weekly snapshot of energy inventories in the world’s biggest economy.
It is expected to show that crude stockpiles rose by 800,000 barrels last week, as well as a 700,000-barrel build in gasoline inventories and a 300,000-barrel drop in distillate stocks, according to a Dow Jones Newswires poll of…
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