Oil Extends Week-Long Losses, Slides to Near $77

SINGAPORE (AP) -- Oil prices have been sliding to near $77 a barrel in Asia as an unexpected jump in U.S. gasoline supplies casts doubt on the strength of a recovery in crude demand.

Benchmark crude for December delivery was down 35 cents to $77.11 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $2.09 to settle at $77.46 on Wednesday.

The Energy Information Administration said yesterday that gasoline stocks rose 1.7 million barrels last week while analysts had expected a fall of 1 million barrels.

Since last week, crude has retreated from $82 a barrel, the high for 2009, as the U.S. dollar gained back some of its losses from recent months.

The euro was steady at $1.4714 today, while the dollar fell to 90.30 yen from 90.64.

In other Nymex trading, heating oil fell 0.59 cent to $1.99 a gallon. Gasoline for November delivery dropped 0.89 cent to $1.98 a gallon.

 

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