| GEO Business |
| Oil falls in Asia after overnight gains |
Updated at: 0947 PST, Tuesday, November 17, 2009 SINGAPORE: Oil fell slightly in Asian trade today after overnight gains spurred by a weak dollar and hopes of improved energy demand amid a global recovery, analysts said.New York's main contract, light sweet crude for December delivery eased 20 cents to USD 78.70 a barrel. Brent North Sea crude for January delivery fell 32 cents to USD 78.44 a barrel. The two contracts had closed yesterday higher as the US currency continued to weaken despite rare comments from Federal Reserve chief Ben Bernanke that the central bank strove for a strong dollar. A lower greenback makes dollar-denominated commodities - like gold and crude oil - cheaper for buyers using stronger currencies. In turn, that tends to lift demand and prices. Crude futures also received a boost from evidence of growth in Japan after data released Monday showed the world's second biggest economy expanded 1.2 per cent in the July-September period. |
