Crude Oil Losing Ground

Crude Oil Losing Ground

Crude Oil prices traded flat against the USD for the 24 hour period ending 23:00GMT, closing at 92.77.

Oil prices came under pressure after the US Federal Reserve policy makers signaled that they may end a stimulus program this year, raising concern that the economic recovery may falter in the world's biggest crude user.

Late yesterday, the American Petroleum Institute reported that the crude-oil supplies dropped by 12 million barrels for the week ended December 28. Gasoline inventories rose 3.3 million barrels while distillate stocks climbed 6.7 million barrels.