Crude Oil prices fell Thursday after 4 consecutive days of gains on poor U.S economic data and falling equities. Further pressure came on Oil prices as the Dollar advanced against the EUR, reducing the appeal of commodities as an alternative investment. It appears that U.S. energy demand remains weak while inventories are still high; furthermore, this week's U.S. economic data seems to be pointing to a slower pace of recovery as was previously expected.
Crude Oil for December delivery fell $2.12, or 2.7%, to settle at $77.46 a barrel on the New York Mercantile Exchange; the biggest daily drop since Oct. 30. Equity markets along with Dollar levels have been the dominant and most powerful influence on the oil market in recent months.