My finance view

NEW YORK–A nine-month rally in oil prices could be faltering as a gradual sell-off that began in late October gains momentum.

Crude prices, which doubled from March to October, slipped Friday for the eighth day in a row. The January contract fell 67 cents to settle at $69.87 (U.S.) a barrel on the New York Mercantile Exchange. It’s the first time oil has settled below $70 a barrel since early October.

Prices hit two-month lows as the greenback gained strength and investors took a second look at paltry demand figures in the West.

All energy prices were in retreat despite a report Friday from the International Energy Agency saying global oil demand will rise more than previously expected next year payday loans. Analysts said they’ve heard such talk before, and they’re now looking for concrete signs of demand from both consumers and industry.

The IEA, an energy watchdog for some of the biggest oil consuming nations, said it was raising its estimates for 2010 global oil demand because of increased economic activity in Asia and the Middle East.

Associated Press

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