Global Biz

Oil falls in light year-end trade

(Agencies)
Updated: 2010-12-30 11:11

NEW YORK - Crude prices fell on Wednesday in light trade as investors took profit from earlier gains before year-end.

Related readings:  China's crude oil self-sufficiency 45% in 2010  Oil prices steady after rate increase  Crude steel consumption to hit 596m tons

There were no crucial economic data scheduled to release on Wednesday and the trade volume on the crude market was very thin. Investors played out because of the New Year holiday.

But weak dollar and supply drop were still supportive to crude oil price.

The US dollar index, which tracks the dollar performance against a basket of currencies, dipped about 0.6 percent.

On Thursday, the Energy Information Administration will provide weekly information on petroleum inventories in the United States, which is forecasted to fall.

Light, sweet crude for February delivery declined 37 cents to $91.12 a barrel on the New York Mercantile.