Oil prices fell this evening as weak US service sector figures and high levels of US crude and petrol inventories offset losses in the dollar. US crude fell 35 cents to $76.25 a barrel, while Brent crude rose 25 cents to $78.13.
Oil traders have watched wider economic factors this year for signs of a turnaround in the economy which could support flagging fuel demand.
Crude prices had tumbled on Wednesday after the release of US inventory data, which showed US crude and petrol reserves jumped last week as the weak economy continued to hit demand in the world's top consumer.
Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah told reporters OPEC preferred oil prices remain in the $70-80 a barrel range, adding that he supported leaving crude output targets unchanged when the producer group meets on December 22 in Angola.
OPEC last year agreed to output cuts of 4.2 million barrels per day as part of efforts to prop up oil prices and balance markets, after slumping demand sent crude from record highs near $150 a barrel in July 2008 to below $33 in December 2008.
