World oil prices fell today, after a week of gains, as investors digested disappointing economic data in top energy consumer the US.
New York's main futures contract, light sweet crude for delivery in July, shed 67 cents to $76.12 a barrel. Brent North Sea crude for August delivery dipped 82 cents to $77.86 a barrel in London.
Crude oil, which has soared in value this week, slid today as some traders also opted to take profits. Prices have surged ahead this week on the back of global economic recovery hopes, the weak dollar and a surprise drop in US petrol inventories that suggested strengthening energy demand.
Oil prices had jumped on Monday as the dollar weakened after data showed an expansion of industrial production in the euro zone, which is battling a budget-deficit crisis. A weaker dollar boosts demand for dollar-priced commodities as they become cheaper for buyers holding rival currencies.
The oil market also climbed on Tuesday, along with stock markets and the euro, as investors grew more confident about economic recovery.
On Wednesday, prices charged even higher after the US Department of Energy's revealed a surprise 600,000-barrel decline in petrol reserves, confounding expectations of a flat reading. Oil finished mixed yesterday on the back of disappointing US economic data releases on unemployment and manufacturing.
