Oil Slips Below $85

15 April 2010 (Last Updated April 15th, 2010 18:30)

Oil prices slipped below $85 a barrel today on a strong dollar and concerns that US economy recovery would be slow. For May delivery, US crude dropped 85%, while London Brent crude for June fell 63% to $86.96 a barrel. The May contract for London Brent crude expired

Oil prices slipped below $85 a barrel today on a strong dollar and concerns that US economy recovery would be slow.

For May delivery, US crude dropped 85%, while London Brent crude for June fell 63% to $86.96 a barrel.

The May contract for London Brent crude expired yesterday after increasing by $1.02, or 1.2%, to $87.17, according to Bloomberg.

Oil prices decreased yesterday for the sixth time in seven days after the US Labor Department said initial unemployment claims rose by 24,000 to 484,000 in the week ending 10 April.

The Energy Department said US crude oil inventories are 5.1% above the five-year average.

Commercially held stockpiles reached 354 million barrels in the week ending 9 April, while petrol was 4.7% above the average and distillate supplies were 23% higher.