Oil Falls to Less Than $72 on Easing Asian Stocks

20 September 2009 (Last Updated September 20th, 2009 18:30)

Oil prices fell to less than $72 a barrel in thin trading on Monday, pressured by easing Asian stocks and an annoucement by refiner Sinopec that diesel demand in China had not completely recovered, according to Reuters. US crude for October delivery fell $0.40 to $71.64 a barrel

Oil prices fell to less than $72 a barrel in thin trading on Monday, pressured by easing Asian stocks and an annoucement by refiner Sinopec that diesel demand in China had not completely recovered, according to Reuters.

US crude for October delivery fell $0.40 to $71.64 a barrel by 05.40 GMT. The contract fell $0.43 to settle at $72.04 a barrel on Friday.

London Brent crude fell $0.41 to $70.91 a barrel.

Asian stocks eased on Monday, pulling further away from 13-month highs hit last week, as investors worried prices may have raced too far ahead of economic fundamentals, with shares in China feeling supply pressures ahead of a string of IPOs, according to Reuters.

Oil rose almost 4% last week, thanks to US Government data showing a larger-than-expected draw in crude stocks, heavy losses in the US dollar and rallying stock markets.