Oil Price Slips to Less Than $78

2 November 2009 (Last Updated November 2nd, 2009 18:30)

The price of oil slipped to less than $78 per barrel on Tuesday, ahead of data expected to show a rise in US crude oil stocks. The US crude price for December fell $0.43 to $77.70 per barrel by 08.30 GMT (3.30am EST), after settling up $1.13 on Monday, reported Reuters.

The price of oil slipped to less than $78 per barrel on Tuesday, ahead of data expected to show a rise in US crude oil stocks.

The US crude price for December fell $0.43 to $77.70 per barrel by 08.30 GMT (3.30am EST), after settling up $1.13 on Monday, reported Reuters.

London Brent crude eased $0.30 to $76.25 a barrel.

US crude futures rose to their highest level this year at $82 per barrel on 21 October, after turning positive on a rolling 12-month basis in the middle of last month for the first time since October 2008.

A Reuters poll of analysts forecast that weekly US inventory data for the week to 30 October would show a 1.5 million-barrel build in crude stockpiles, a 500,000-barrel draw in distillates and a 300,000-barrel rise in gasoline inventories.