Crude oil fell in New York for the first day in five as the dollar extended gains against the euro and analysts forecast an increase in U.S. stockpiles, signaling weak demand in the biggest energy consuming nation. Oil slipped below $75 a barrel after the dollar strengthened on speculation the European Union will fail to take sufficient measures to help Greece tackle its fiscal deficit, damping the investment appeal of commodities. A weekly Energy Department report today may show crude and gasoline supplies increased last week, according to a Bloomberg News survey.
“The market is hanging on its edge, waiting for the Department of Energy numbers,” said Jonathan Barratt, managing director at Commodity Broking Services Pty in Sydney. “Prices could still come under pressure because there is still that inventory rise overhang in the market.” Crude oil for March delivery fell as much as 53 cents, or 0.7 percent, to $74.75 a barrel in electronic trading on the New York Mercantile Exchange. It was at $74.82 at 12:52 p.m. Singapore time. Yesterday, the contract rose 1 percent to settle at $75.28. Futures have gained 5.1 percent this week, poised for the first weekly gain in five.
The 16 nation euro dropped to near a one week low against the dollar after the European Union stopped short of offering concrete steps to help Greece. The U.S. currency traded at $1.3665 per euro at 12:28 p.m. in Singapore from $1.3693 yesterday in New York.....Read the entire article.
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