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.
Crude oil for March delivery fell as much as 43 cents, or 0.6%, to $74.85 a barrel in electronic trading on the New York Mercantile Exchange. It was at $74.94 at 11:03 a.m. Singapore time. Yesterday, the contract rose 1% to settle at $75.28. Futures have gained 5.2% 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 $1.3670 per euro at 10:50 a.m. in Singapore from $1.3693 yesterday in New York.
Source BloombergUTV
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