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Oil prices drop in Asian trade

Sunday, January 10, 2010
Oil prices drop in Asian trade SINGAPORE: Crude prices were down in Asia Friday due to a stronger dollar and signs of easing energy demand in the United States, the world's biggest oil consuming nation.

New York's main futures contract, light sweet crude for February delivery, fell 29 cents to 82.37 dollars a barrel in the afternoon. The contract topped 83 dollars on Wednesday for the first time in 14 months. Brent North Sea crude for February delivery eased 46 cents to 81.05 dollars.

Stockpiles of distillates including heating fuel and diesel fell by 300,000 barrels in the week, sharply below the average analyst forecast of a drop of 1.8 million barrels amid cold weather across sections of the US.
Posted by faraz at 3:02 AM
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