Oil Falls Below $78 a Barrel
Oil traded near its 2010 low price below $78 a barrel early Tuesday as analysts said global supplies were adequate to meet demand, Bloomberg reported.
Crude futures traded as low as $77.29 in pre-market New York Mercantile Exchange trading, down from Friday’s $78 closing price, which had been the lowest of the year.
The Nymex was closed for Martin Luther King Day Monday. Because of the holiday, the Department of Energy will release its weekly diesel and gasoline price surveys Tuesday afternoon in Washington, a day later than usual.
