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Crude oil stays low near $76

22 January 2010 08:08 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil was little changed near $76 a barrel in New York, poised for a second weekly decline, after a U.S. government report showed refineries in the biggest energy consumer cut processing in response to lower fuel demand.
Oil fell yesterday after the Energy Department said refineries operated at 78.4 percent of capacity last week, the lowest rate outside the Atlantic hurricane season since at least 1989. Gasoline stockpiles climbed to the highest level since March 2008. Fuel consumption in the past four weeks was down 1.8 percent from a year earlier.
Crude oil for March delivery was at $76.06 a barrel in electronic trading on the New York Mercantile Exchange, down 2 cents, at 2:32 p.m. Singapore time. Earlier, the contract declined as much as 46 cents, or 0.6 percent, to $75.62. Yesterday, the contract lost 2.1 percent to $76.08, the lowest settlement since Dec. 22.
Futures have dropped 2.5 percent this week as declines in equity markets dented investor confidence and a stronger dollar reduced the investment appeal of commodities, including gold.
Brent crude oil for March settlement was at $74.67 a barrel on the London-based ICE Futures Europe exchange, up 9 cents, at 2:26 p.m. Singapore time. Yesterday, the contract declined 2.3 percent to $74.58, the lowest settlement since Dec. 22.