Oil prices continue their two week slide to dip to US$74

Benchmark crude for March delivery has settled at US$73.6 on the New York Mercantile Exchange, the lowest settlement price since Dec. 14. Crude oil prices continue on their two week downturn on weaker demand. Data released in Energy Information Administration report showed demand for crude products drop as crude inventories dipped last week. Oil prices initially moved slightly higher after the EIA report, but started to slide when traders realized that foggy weather and high seas in the Gulf of Mexico, along with an accident at a southeast Texas port, are expected to slow delivery. In London, Brent crude for March delivery dropped to US$72.24 a barrel on the ICE Futures exchange.
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