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London, Nov 20 (AFP) Oil prices dropped today and were likely to stay under USD 80 because of high energy inventories in the United States, the world's biggest energy-consuming nation, analysts said. Brent North Sea crude for January delivery lost 61 cents to USD 77.03 in late London trading today. Prices slid "with relatively swollen US stockpiles still weighing," said VTB Capital commodities analyst Andrey Kryuchenkov in London. New York crude prices on Wednesday breached USD 80 a barrel after government data showed crude reserves in the United States fell 900,000 barrels in the week ending November 13. However levels remain relatively high with demand struggling to recover following the financial crisis. |
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