Oil prices dip ahead of the release of US energy reserves report

21-Jan-10
New York's main contract, light sweet crude for March delivery, dipped marginally, to US$77.6, while London's Brent North Sea crude for delivery in March fell to US$76.1 a barrel. This dip proceeds release of a widely monitored US energy reserves report by the Department of Energy (DoE). Market expects US crude reserves to show a rise of 1.9 mln barrels last week, an indication of weak demand. Gasoline stocks are seen increasing by 1.3 million barrels, the poll said. The DoE is releasing its report one day later than normal owing to a US bank holiday on Monday.
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