Crude oil prices fell on firm dollar against the euro and rise in US crude oil stocks. NYMEX crude oil futures declined also as the International Energy Agency has trimmed its outlook for world oil demand and hiked its projection for oil supply from non-Organization of Petroleum Exporting Countries. Crude oil remains flat on Friday morning trading at 97.33. A stronger US dollar is also holding prices in a tight range.
The contract added to gains after the Labor Department reported that weekly jobless claims dropped by 27,000 to a seasonally adjusted 341,000, much more than expected. The March crude contract had hit an intraday low of $96.77 a barrel after data showed euro-zone gross domestic product contracted by 0.6% in the final three months of 2012, versus forecasts for a 0.4% drop. For 2012 as a whole, the euro-zone economy shrank 0.5%. Continue Reading
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