Oil Price Remains Steady at Just Less Than $69

14 September 2009 (Last Updated September 14th, 2009 18:30)

Oil traded unchanged at slightly less than $69 on Tuesday, capping losses as buoyant equities and the dollar's fall against the euro helped to offset concerns about an inventory build up, according to Reuters. NYMEX crude for October delivery fell $0.06 to $68.80 a barrel by 06.

Oil traded unchanged at slightly less than $69 on Tuesday, capping losses as buoyant equities and the dollar's fall against the euro helped to offset concerns about an inventory build up, according to Reuters.

NYMEX crude for October delivery fell $0.06 to $68.80 a barrel by 06.08 GMT, after settling down $0.43 on Monday 14 September, while ICE Brent lost $0.29 to $67.15.

Oil has more than doubled from this year's low of $32.70 struck on 20 January but is still 53% below its record high of more than $147 hit in July 2008.

The market this year has failed to move above the $75 level struck on 25 August, reported Reuters.

A preliminary Reuters poll ahead of weekly petroleum inventory reports showed forecasts for a 2.7-million-barrel drawdown in domestic crude stocks, a 1.5-million-barrel increase in distillate supplies and an 800,000-barrel build in gasoline stocks.

Industry group the American Petroleum Institute (API) will release its inventory data later on Tuesday, while the US Energy Information Administration, a government agency, will issue its own report on Wednesday.