Oil prices fall below $70 in New York, down 1.2% for two weeks

in the early hours of June 27, Beijing time, the main crude oil futures contract in the New York market closed below $70 per barrelOil prices fell about 1.2 per cent in trading this week, falling for the second week in a rowThe recent slide in oil prices is likely to be largely related to market concerns about demand for oil's slide in the dollar has slowed the decline in oil prices to some extentEarlier, the People's Bank of China renewed its call for a reduction in the world's reserve currency's dependence on the dollarTypically, a weak dollar would push up the price of commodities such as dollar-denominated oilAugust crude fell $1.07, or 1.5 percent, to $69.16 on the New York Mercantile Exchange as of 2:30 p.mEst earlier on Friday .230 a.mThe August contract was trading at $71.29 and at $68.81Since June, the price of the latest crude oil contract in the New York market has risen by about 4.3%closed above $70 for the first time in a week in August on ThursdayLast morning, media reported that Nigeria's armed opposition attacked another important oil pipelineNigeria ranks fifth out of all countries that export oil to the United States"Based on current fundamentalanalysis, there is not enough basis for the recent rise in oil prices above $70, although we cannot ignore the fact that the oil market has improved," saidcomfcom's team of analysts, led by Barbara LambrechtBasic demand in the oil market remains weakWeakdemand is reflected in the U.SEnergy Information Administration's inventory report released WednesdayThe EIA noted that total U.Sdemand for petroleum products in the past four weeks was about 18.3 million bpd, down 6.6 percent from a year earlierU.Scommercial crude inventories fell 3.8 million barrels in the week ended June 19, but gasoline inventories rose 3.9 million barrels, both of which were higher than market expectationscurrency markets, the dollar fell against major foreign currenciesAt the close of trading in New York, the dollar index fell 0.80 per cent to 79.76, again falling below the 80-point markother energy futures, the July fresh-formula gasoline contract fell 1.5 percent to $1.8696 a gallon, while the July heating oil contract fell 1.9 percent to $1.7421 a gallon, the July gas contract fell 1.6 per cent to $US3.781 per million UK thermal unitsin the early hours of June 27, Beijing time, the main crude oil futures contract in the New York market closed below $70 per barrelOil prices fell about 1.2 per cent in trading this week, falling for the second week in a rowThe recent slide in oil prices is likely to be largely related to market concerns about demand for oil's slide in the dollar has slowed the decline in oil prices to some extentEarlier, the People's Bank of China renewed its call for a reduction in the world's reserve currency's dependence on the dollarTypically, a weak dollar would push up the price of commodities such as dollar-denominated oil August crude fell $1.07, or 1.5 percent, to $69.16 on the New York Mercantile Exchange as of 2:30 p.m Est earlier on Friday .230 a.m The August contract was trading at $71.29 and at $68.81 Since June, the price of the latest crude oil contract in the New York market has risen by about 4.3% closed above $70 for the first time in a week in August on Thursday Last morning, media reported that Nigeria's armed opposition attacked another important oil pipeline Nigeria ranks fifth out of all countries that export oil to the United States "Based on current fundamentalanalysis, there is not enough basis for the recent rise in oil prices above $70, although we cannot ignore the fact that the oil market has improved," said comfcom's team of analysts, led by Barbara Lambrecht Basic demand in the oil market remains weak Weak demand is reflected in the U.S Energy Information Administration's inventory report released Wednesday The EIA noted that total U.S demand for petroleum products in the past four weeks was about 18.3 million bpd, down 6.6 percent from a year earlier U.S commercial crude inventories fell 3.8 million barrels in the week ended June 19, but gasoline inventories rose 3.9 million barrels, both of which were higher than market expectations currency markets, the dollar fell against major foreign currencies At the close of trading in New York, the dollar index fell 0.80 per cent to 79.76, again falling below the 80-point mark other energy futures, the July fresh-formula gasoline contract fell 1.5 percent to $1.8696 a gallon, while the July heating oil contract fell 1.9 percent to $1.7421 a gallon , the July gas contract fell 1.6 per cent to $US3.781 per million UK thermal units (name)