World oil prices fell this evening on worries about weak energy demand in the US and the strength of China's economy. US crude sank 98 cents to $75.15 a barrel, while Brent North Sea crude dived $1.06 to $73.52.
On Thursday, the US Department of Energy (DoE) said petrol reserves in the world's biggest economy increased by a stronger than expected 3.9 million barrels in the week ending January 15, striking a two-year high.
The US is the world's largest energy consuming nation, followed by number two China. Moves by China to slow down its roaring economy also affected oil prices.
Oil prices jumped by about 80% in 2009 as traders were heartened by evidence that the battered global economy was on the mend, with the euro zone, Japan and the US escaping a fierce recession. But prices have struggled to make much headway in early 2010 as economic data disappoints.
