Oil falls as OPEC confirms inventories to meet winter demand, trims demand estimates

20-Jan-10

Continuing its recent downtrend, oil prices have dipped below the US$78 mark on OPEC confirmation of ample supply to meet winter demand and trimmed oil demand estimates to an average 28.59 mln bpd in 2010, 20,000 bpd less than expected last month. U.S. crude dipped to US$77.94 on the Nymex, while Brent dropped to US$76.46 a barrel. A key factor determining oil prices is demand from China and Q4-10 economic data including inflation, producer prices and retails sales, due out on Thursday