Oil Price Falls to $71

8 October 2009 (Last Updated October 8th, 2009 18:30)

The price of oil fell to $71 a barrel on Friday, following the previous session's gain of 3%, as the US dollar stabilised. US crude for November delivery dropped by $0.74 to $70.95 a barrel by 3.01am EDT, after closing $2.12 higher on Thursday, reported Reuters. Lond

The price of oil fell to $71 a barrel on Friday, following the previous session's gain of 3%, as the US dollar stabilised.

US crude for November delivery dropped by $0.74 to $70.95 a barrel by 3.01am EDT, after closing $2.12 higher on Thursday, reported Reuters.

London Brent crude fell $0.75 to $69.02 a barrel.

Higher Opec seaborne oil exports, excluding Angola and Ecuador, also weighed on the market. Such exports will rise 160,000 barrels per day (bpd) in the four weeks to 24 October, to 22.65 million bpd, according to Roy Mason, an analyst at British consultancy Oil Movement, reported Reuters.

The US Energy Information Administration (EIA) reported gasoline stocks leapt 2.9 million barrels last week, nearly three times the build that analysts had expected.

Distillate stocks, including diesel and heating oil, rose by 700,000 barrels.