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Oil prices drop on world markets

05 November 2009 07:56 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil fell, snapping three days of gains, on concern an increase in stockpiles in a key storage area in the U.S. shows fuel demand has yet to recover.
Crude oil for December delivery fell as much as 65 cents, or 0.8 percent, to $79.75 a barrel on the New York Mercantile Exchange. It was at $79.79 a barrel at 1:33 p.m. Singapore time. Yesterday, the contract rose 80 cents, or 1 percent, to settle at $80.40, the highest close since Oct. 23.
Oil climbed to a one-week high yesterday after a report from the Department of Energy showed total crude supplies unexpectedly declined. Inventories fell 3.94 million barrels last week, the report said. A 1.5 million-barrel increase was forecast, according to a Bloomberg News survey of analysts.
Brent crude for December settlement declined as much as 65 cents, or 0.8 percent, to $78.24 a barrel and traded at $78.25 at 1:29 p.m. Singapore time on the London-based ICE Futures Europe exchange.