U.S. crude prices fell toward $75.70 a barrel on Thursday as weak U.S. service sector data and rising U.S. oil inventories outweighed losses in the dollar. Data showed the U.S. services sector unexpectedly contracted in November, with an index measuring activity fell to its lowest reading since July and put pressure on U.S. stocks and commodity.
Crude prices tumbled on Wednesday after the release of U.S. inventory data, which showed crude oil inventories jumped last week as the weak economy continued to batter demand in the world's top consumer.
Looking ahead, traders are advised to watch carefully the global stock markets and the major economic indicators which will be published from the U.S. in order to predict the next movements in oil prices.