Updated on
Summary
Oil prices dropped on Wednesday as the market awaited data showing the latest energy demand situation in the United States. New York's main futures contract, light sweet crude for delivery in March, fell 18 cents to 72.53 dollars a barrel.Brent North Sea crude for March delivery shed 22 cents to 73.79 dollars. Concerns are meanwhile mounting that energy demand in China, the world's second-biggest energy consumer, will take a hit as the government takes measures to slow down its rapid economic growth amid fears of rising inflation.
