Oil Falls Below $79 as Ida is Downgraded

9 November 2009 (Last Updated November 9th, 2009 18:30)

Oil fell below $79 a barrel on 10 November as tropical storm Ida was downgraded from a powerful hurricane and forecasts predict US crude stockpiles to rise. US crude for December delivery fell to $78.67 a barrel by 07.56 GMT, after rising $2 the previous day, Reuters reports. <

Oil fell below $79 a barrel on 10 November as tropical storm Ida was downgraded from a powerful hurricane and forecasts predict US crude stockpiles to rise.

US crude for December delivery fell to $78.67 a barrel by 07.56 GMT, after rising $2 the previous day, Reuters reports.

Ida was downgraded from hurricane status on Monday but production remained halted as firms waited for the storm to pass.

In a Reuters poll conducted on 9 November, analysts said US crude inventories may have risen over the past week due to higher imports.