Oil Steadies Below $72

22 September 2009 (Last Updated September 22nd, 2009 18:30)

Oil steadied at below $72 a barrel on Wednesday, after rising more than 2% in the previous session, as a surprise build in US crude oil stockpiles was offset by further weakness in the dollar, reported Reuters. US crude for November delivery slipped 11¢ to $71.63 a barrel by 05.56 GMT

Oil steadied at below $72 a barrel on Wednesday, after rising more than 2% in the previous session, as a surprise build in US crude oil stockpiles was offset by further weakness in the dollar, reported Reuters.

US crude for November delivery slipped 11¢ to $71.63 a barrel by 05.56 GMT (1.56am EDT), after having fallen as much as 63¢ earlier. The October contract, which expired on Tuesday, rose $1.84 to settle at $71.55 a barrel.

London Brent crude dipped 31¢ to $70.22.

Opec's main producer Saudi Arabia told Reuters in an interview on Tuesday that demand for Saudi crude was increasing, and that was reflective of the world's economy recovering from its worst recession since the Great Depression, reported Reuters.

Saudi Arabia's oil minister Ali al-Naimi also said that Opec would not need to cut output next year, based on latest figures on supply and demand.