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Crude prices fell sharply yet again on Friday, ending a week of losses in characteristic fashion as demand concerns and US dollar strength continued to limit crude's appeal.
Fundamentals remain exceedingly week, driving the price of front-month crude down nearly $10 from its January 11 high near $84 a barrel.
With no positive economic news to reverse its recent downtrend, crude for March lost $1.54 to $74.54 a barrel today. Crude has accelerated lower since China took steps to tighten its fiscal policy earlier this week. Chinese demand was seen as the key factor in oil's recovery from the lows reached during the worst of the global recession.
Yesterday's official data showing a surprise draw down in crude inventories did little to support oil prices.
The dollar kept must of its recent gains Friday, keeping most commodity prices depressed.
Stocks have tumbled this week, hurt by talk of a double dip recession. Financials suffered after President Barack Obama on Thursday called for new restrictions on financial institutions aimed at preventing future financial crises.
Obama said the new rules would close loopholes that allowed firms to trade in risky products without oversight, strengthen capital and liquidity requirements to make the system more stable and ensure that the failure of any single institution will not pose a risk to the financial system as a whole.
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