Crude Oil Price Drops Below $71

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

Crude oil prices fell below $71 a barrel from $73 on Wednesday, following the weak state of demand from the US, which was highlighted by the country's inventory data. For January, US crude delivery fell 7¢ to $70.60 a barrel by 0953 GMT (4:53am EST), while London Brent crude gained

Crude oil prices fell below $71 a barrel from $73 on Wednesday, following the weak state of demand from the US, which was highlighted by the country's inventory data.

For January, US crude delivery fell 7¢ to $70.60 a barrel by 0953 GMT (4:53am EST), while London Brent crude gained 12¢ to $72.51, according to Reuters.

The US Energy Information Administration data showed that builds in US refined product stocks had contributed to the drop in oil prices.