Oil Prices Drop to $76

Oil fell to $76 a barrel today as the dollar strengthened, but doubts over Europe’s debt crisis remain.

For June delivery, US crude fell 46¢ to $76.34 a barrel at 05.48 GMT, while ICE Brent for June crude slipped 42¢ to $79.70, reports Reuters.

Over the weekend, the European Union crafted a massive financial system rescue package, which has boosted confidence of future oil demand growth.

China’s inflation neared an 18-month high in April and bank lending topped expectations.

A Reuters poll projects US crude inventories will gain 1.6 million barrels, distillates will increase by 1.2 million barrels and petrol stocks by 700,000 barrels.