SINGAPORE (Commodity Online) : Global oil prices remained below $73 a barrel in Asian trade Monday mainly on concerns about dipping energy demand.
Light sweet crude for delivery in March delivery was seen trading at $72.79 a barrel at11.00 a.m Singapore time while Brent crude was at $71.44 a barrel at the same time.
Analysts said concerns about sluggish energy demand outweighed stronger-than-expected U.S. economic data showing a rapid 5.7 per cent economic growth pace by the United States in the fourth quarter of 2009
On Friday, March contract fell 75 cents to settle at $72.89 a barrel, marking a decline of more than 8 percent for the month of January.
London's Brent North Sea crude for March delivery closed down 67 cents to $71.46 a barrel.
U.S. oil demand shrank 2 percent in the past four weeks from a year earlier, while Japanese data showed crude imports fell 2.6 percent in December and gasoline sales tumbled 2.4 percent.
Money managers cut their net long crude oil futures position on the New York Mercantile Exchange in the week through Jan. 26, the Commodity Futures Trading Commission said on Friday.
The U.S. dollar's strength gathered steam on Monday, with the euro huddled near seven-month lows as fiscal worries in the euro zone prompted investors to add to short positions in the single currency.