Summary Oil prices fell Friday to the lowest level since June on surging US crude stockpiles.
NEW YORK CITY (AFP) - New York oil prices fell Friday to the lowest level since June on surging US crude stockpiles and the dollar's sharp gains after the eurozone reported worryingly low inflation data.
New York's main contract West Texas Intermediate light sweet crude for delivery in December fell $1.77, closing at $94.61 a barrel.
In London, Brent North Sea crude for December fell $2.93 to $105.91 a barrel.
Sucden brokers analyst Kash Kamal said traders and investors are still focused on the apparent US glut of crude, with commercial reserves piling up steadily since the beginning of October.
The prices got no support from the rise in China's official manufacturing purchasing managers' index, which showed a slight gain in the pace of growth in the sector.
The announcement that Libya will reopen its 110,000 barrels a day Al-Harriga oil terminal on Monday at the latest also appeared to remove some of the support for Brent.
Light Libyan crude is used by refiners in Europe and the sharp cuts to production forced by several months of protests had driven up prices for alternatives like Brent.
Output had been slashed to as little as 300,000 barrels a day from 1.5 million-1.6 million before the showdown began.
Two days of sharp gains by the dollar, raising the cost of oil and other currencies, also could be behind the fall in futures prices.
Eurozone data showing inflation falling to a near-stall pace of 0.7 percent in October raised expectations that the European Central Bank will cut its base interest rate, softening the euro.
The euro, which traded around $1.3750 on Wednesday, fell below $1.3500 on Friday.
