Crude oil fell for a sixth day on speculation production capacity is more than sufficient to meet increased demand as the global economy recovers from recession.
Crude oil for February delivery fell as much as 46 cents, or 0.6%, to $77.54 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $77.55 at 8:37 a.m. in Singapore.
The contract, which expires this week, dropped $1.39 to $78 on Jan. 15, the lowest settlement since Dec. 23 and a 5.7% loss for the week. Oil posted its first weekly decline since Dec. 11 as US stockpiles rose, temperatures climbed and gains by the dollar reduced the investment appeal of commodities.
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