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Oil falls below $70 after near $4 jump

Posted by Alfonso Esparza at 9:54 am UTC, 10/01/2009

U.S. crude futures fell 67 cents to $69.94 a barrel by 1030 GMT (6:30 a.m. EDT), after rising nearly $4 on Wednesday.

London Brent crude shed 63 cents to $68.44 a barrel.

A surprise drop in U.S. gasoline stocks triggered the price rally on Wednesday that enabled crude to squeeze out a slight gain for the third quarter in a move which boosted commodity indexes overall.

Reuters

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