TD: Oil hovers around US$77 in Europe as investors take a pause from Tuesday's stock rally
MOSCOW (AP) - Oil prices is hovering around US$77 a barrel as investors take a pause from Tuesday's rally fuelled by surging stock markets and stronger euro.
Benchmark crude for July delivery was down 34 cents to US$76.60 a barrel in London on Wednesday morning in electronic trading on the New York Mercantile Exchange. The contract rose US$1.82 to settle at US$76.94 on Tuesday.
Analysts say that investors are still worried about the state of the European economy despite a strong rally in the region's stock markets.
In other Nymex trading in July contracts, heating oil was steady at US$2.0684 a gallon and gasoline dropped 1.6 cents to US$2.1052 a gallon. Natural gas was steady at US$5.191 per 1,000 cubic feet.
Brent crude shed 8 cents to US$77.02 a barrel on the ICE futures exchange.
