Oil falls back on demand concerns
Thursday, 5 November 2009 17:59World oil prices fell this evening, with analysts blaming profit-taking from the previous day's gains and worries over the weak energy demand outlook. US crude sank 22 cents to $80.18 a barrel, while Brent crude shed 34 cents to $78.55.
Prices eased after briefly breaching the $81 mark in New York on Wednesday, reflecting concerns over demand, analysts said.
They said data released by the US Department of Energy (DoE) on Wednesday showing an unexpected dip in US crude reserves was not significant in the larger scheme of prices.
The DoE announced that crude reserves in the world's largest energy consumer sank by four million barrels in the week ending October 30, surprising analysts, who were expecting a rise.
Oil prices have climbed in recent months amid a commodities rally that has seen gold futures strike a series of record highs.
