Oil dips below $76 in Asian trade

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Oil dips below $76 in Asian trade

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04 December,2009 08:00 pm

Global oil prices dropped below $76 a barrel in Asian trade Friday mainly on a US report showed dipping fuel demand. Light sweet crude for January delivery was seen trading at $75.92 a barrel at 11.30 am Singapore time while Brent crude was at $77.81 a barrel at the same time. Market was still pressured by the inventories report released by the Energy Information Administration which showed US crude oil inventories rose to the highest level since August even as oil imports sank to the lowest point since the fourth quarter of 1990. Oil declined 2.3 percent Dec. 2 after the US Energy Department reported crude supplies rose 2.09 million barrels to 339.9 million, the highest level since August.