Oil Prices Drop Below $76

3 December 2009 (Last Updated December 3rd, 2009 18:30)

US oil prices fell to below $76 a barrel today due to weak service sector data. For January delivery, NYMEX crude declined by 57¢ to $75.89 a barrel at 12:20pm GMT, while Brent crude decreased by 51¢ to $77.85 a barrel, according to Reuters. Oil prices fell following

US oil prices fell to below $76 a barrel today due to weak service sector data.

For January delivery, NYMEX crude declined by 57¢ to $75.89 a barrel at 12:20pm GMT, while Brent crude decreased by 51¢ to $77.85 a barrel, according to Reuters.

Oil prices fell following the release of US inventory data, which exhibited a large hike in crude inventories last week as the US continued to witness low demand due to the weak sector.

The losses are likely to trigger a 0.25% drop in US crude this week. However, Brent crude is expected to record a 0.8% increase.