Oil Hovers Near $75

26 January 2010 (Last Updated January 26th, 2010 18:30)

Oil prices lingered around $75 a barrel today as an unexpected fall in crude stockpiles was counteracted by a strong dollar. Apprehensions over a slow global economic recovery prompted a strong performance by the US dollar, while US crude stockpiles last week recorded an unexpected decl

Oil prices lingered around $75 a barrel today as an unexpected fall in crude stockpiles was counteracted by a strong dollar.

Apprehensions over a slow global economic recovery prompted a strong performance by the US dollar, while US crude stockpiles last week recorded an unexpected decline of 2.2 million barrels.

For March delivery, US crude fell 3¢ to $74.68 a barrel at 3:11am GMT, while London ICE Brent crude dropped 11¢ to $73.18 a barrel, according to Reuters.

US crude imports fell by 1.5 million bpd to 8.31 million bpd, according to the American Petroleum Institute's weekly report.