Oil Price Slips to $73

12 October 2009 (Last Updated October 12th, 2009 18:30)

The price of oil edged down to about $73 a barrel on Tuesday 13 October, helped by a weak dollar and optimism about the pace of global economic recovery. With earnings from a number of big US companies this week, the market is likely to take trading cues from Wall Street, which some in

The price of oil edged down to about $73 a barrel on Tuesday 13 October, helped by a weak dollar and optimism about the pace of global economic recovery.

With earnings from a number of big US companies this week, the market is likely to take trading cues from Wall Street, which some investors expect to continue a winning streak, reported Reuters.

US crude for November delivery fell $0.28 to $72.99 by 06.20 GMT, after settling 2.1% higher at $73.27 on Monday. London Brent crude lost $0.19 to $71.17.

The National Weather Service said that total US heating demand would be higher than normal this week as the first seasonal wave of cold weather hits the Northeast and Midwest.

Oil was also supported by a strong Australian dollar and buoyant Asian equity markets, according to Reuters.

A Reuters poll of analysts forecast the data will show a 700,000-barrel build in crude stocks last week, after a surprise drawdown last week.

Distillate stocks were seen falling by 100,000 barrels while gasoline inventories were forecast to have risen by 700,000 barrels.