Oil near $71 after drop to 2-mth low on ample supply
Posted on 10 December 2009 by admin
Oil crept up towards $71 a barrel today, supported by the weaker dollar, after sliding more than 2% to a two-month low a day earlier due to a large increase in fuel stockpiles in the United States. The U.S dollar retreated after this week’s recovery, with the New Zealand and Australian dollars leading demand for higher-yielding and commodities-linked currencies after much stronger than expected Australian jobs data.
Traders are also watching the bearish impact of an increase in Saudi term crude supply to two Asian buyers, despite OPEC members saying that the group would not raise production targets at its Dec. 22 meeting. US crude for January delivery rose 26 cents to $70,93 a barrel…
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