Oil Unable To Sustain Above $72 <span class='TextClass'>[Geo TV] 09 Feb, 2010</span>

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Oil Unable To Sustain Above $72 [Geo TV] 09 Feb, 2010

SINGAPORE: Oil futures slipped below $72 a barrel in the early Asia electronic session today following the sell off in the equities. Sentiments were also weighed by concerns about European sovereign debt.

New York''s main futures contract, light sweet crude for delivery in March, was down 24 cents to $ 71.65 a barrel, while Brent North Sea crude for March dipped 20 cents to $69.91 a barrel.

Oil recovered yesterday on bargain buying after a steep 9% fall last week stoked by the wide sell off in the global equities markets which fell from 2-3 month lows following the growth concerns.

Foreign exchange majors traded in tight ranges. EU leaders due to meet in Brussels on Thursday to discuss the economic outlook, many investors were watching to see if they would address recent Greek problems. The euro was at $1.3655 from $1.3659 in late New York trade Monday, and at Y121.94 from 121.97.

MCX February oil was down Rs 4 at Rs 3660 per barrel. It should face a resistance in the range of Rs 3665 -70 with support at Rs 3333 levels.

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