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Oil price drops for third day

26 October 2009 08:14 (UTC +04:00)

Baku â€“ APA-Economics. Crude oil fell for a third day in New York after four weeks of gains pushed prices above levels justified by a recovery in demand.
Oil also dropped below $80 a barrel after Nigerian rebels ordered a ceasefire and talks to end a conflict that has cut output from Africaâ€™s biggest oil producer.
Crude oil for December delivery fell as much as 93 cents, or 1.2 percent, to $79.57 a barrel on the New York Mercantile Exchange, and was at $79.76 at 1:46 p.m. Singapore time. Futures have gained 79 percent this year and touched a one-year high of $82 a barrel on Oct. 21. Prices have gained 22 percent in the four weeks to Oct. 23.
U.S. inventories of crude oil rose 1.31 million barrels to 339.1 million in the week ended Oct. 16, the highest level since August, according to a Department of Energy weekly report. The gain left stockpiles 9.4 percent above the five-year average for the period, the department said.
Brent crude oil for December settlement fell as much as 77 cents, or 1 percent, to $78.15 a barrel on the ICE Futures Europe exchange in London and was at $78.29 at 1:45 p.m. Singapore time.