World oil prices continued its southern journey in European trade Thursday as the dollar rebounded against major currencies amid weak energy demand.
Light sweet crude for November delivery was seen trading at $74.11 a barrel at 1.00 p.m London time while Brent crude was at $77.65 a barrel on the ICE Futures exchange.
The dollar rebounded against most major currencies, making the commodity more expensive for investors holding other currencies.
During early European trading the greenback traded higher against major currencies. It rose to 1.3365 against the euro, 0.9891 versus the franc, 1.5637 against the pound and 84.69 versus the yen.
More than expected rise in US crude inventories on Wednesday continued to influence the black gold, said analysts.
US Energy Department's Energy Information Administration said Wednesday that crude inventories increased by 1 million barrels for the week ending Sept. 17. Inventories of gasoline and distillates also rose, the administration said.
Oil has seesawed around the $75 level for most of the past year despite strong crude demand in emerging economies, such as China, as growing oil supplies in the U.S. weigh on prices.
In other Nymex trading in October contracts, heating oil fell 0.65 cent to $2.1134 a gallon and gasoline lost 0.51 cent to $1.9145 a gallon. Natural gas gained 2.7 cents to $3.946 per 1,000 cubic feet.
Light sweet crude for November delivery was seen trading at $74.11 a barrel at 1.00 p.m London time while Brent crude was at $77.65 a barrel on the ICE Futures exchange.
The dollar rebounded against most major currencies, making the commodity more expensive for investors holding other currencies.
During early European trading the greenback traded higher against major currencies. It rose to 1.3365 against the euro, 0.9891 versus the franc, 1.5637 against the pound and 84.69 versus the yen.
More than expected rise in US crude inventories on Wednesday continued to influence the black gold, said analysts.
US Energy Department's Energy Information Administration said Wednesday that crude inventories increased by 1 million barrels for the week ending Sept. 17. Inventories of gasoline and distillates also rose, the administration said.
Oil has seesawed around the $75 level for most of the past year despite strong crude demand in emerging economies, such as China, as growing oil supplies in the U.S. weigh on prices.
In other Nymex trading in October contracts, heating oil fell 0.65 cent to $2.1134 a gallon and gasoline lost 0.51 cent to $1.9145 a gallon. Natural gas gained 2.7 cents to $3.946 per 1,000 cubic feet.
