World oil prices fell slightly today after recent gains which were spurred by a weak dollar and hopes of improved energy demand amid a global recovery.
New York's main contract, light sweet crude for December delivery eased 29 cents to $78.61 a barrel. Brent North Sea crude for January delivery dipped 24 cents to $78.52 a barrel.
Crude futures had climbed yesterday amid a weak dollar and rising demand expectations boosted by growth prospects, including in Japan, the world's second largest economy.
A lower greenback makes dollar-denominated commodities - like gold and crude oil - cheaper for buyers using stronger currencies. That tends to stimulate demand and prices.
Crude was also boosted yesterday after data showed that the Japanese economy expanded 1.2% in the July-September period. It was the second quarter of expansion in a row.
Meanwhile, OPEC president Jose Maria Botelho de Vasconcelos signalled that $75-80 oil was an adequate level to allow for a global economic recovery.
