Crude Falls On Bearish Stocks/Usage Data

Crude is lower Thursday as the dollar neared a one-year high against the euro and U.S. fuel demand dropped to the lowest since the last recession.

U.S. fuel use over the past four weeks averaged 19 million barrels a day, the lowest since October 2001, according to Energy Department data.

An Energy Dept report yesterday said that crude inventories rose more than forecast last week. Stockpiles climbed 4.28 million barrels to 294.5 million.

Senate approval of a revised bank rescue proposal is supporting the dollar which is also weighing on prices.

The November future was $1.22 lower at $97.31/barrel at 10.30am BST.