Crude Back Below USD70/Barrel
Crude oil fell back below the $70/barrel mark in overnight trade, trading $2.95 lower at $69.23/barrel just before 9am London time.
Although OPEC is expected to cut production when it meets in Vienna on Friday, falling demand from the US and China in particular is seen as more than offsetting that reduction.
US gasoline demand dropped 6.4 percent last week from a year ago, the 26th consecutive weekly decline, a MasterCard Inc. report yesterday showed.
The US Energy Department will probably report today that oil and gasoline supplies rose last week, that would be the fourth-straight weekly gain.
The average analysts guess is that OPEC will cut production by at least 1 million barrels/day, with some suspecting more. Iran, OPEC's second-largest producer, has said it favours a cut of between 2 million and 2.5 million barrels a day.
Although OPEC is expected to cut production when it meets in Vienna on Friday, falling demand from the US and China in particular is seen as more than offsetting that reduction.
US gasoline demand dropped 6.4 percent last week from a year ago, the 26th consecutive weekly decline, a MasterCard Inc. report yesterday showed.
The US Energy Department will probably report today that oil and gasoline supplies rose last week, that would be the fourth-straight weekly gain.
The average analysts guess is that OPEC will cut production by at least 1 million barrels/day, with some suspecting more. Iran, OPEC's second-largest producer, has said it favours a cut of between 2 million and 2.5 million barrels a day.