Oil prices ended up on a lower note

[gnutrade.satya]

Unanticipated huge increases in the US fuel inventoires and a stronger dollar sparked selling in crude which took the Oil prices to ended up lower for second consecutive day. Prospects that the US President Barack Obama would push through a tax cut extension deal helped limit the day's losses because more money in consumer pockets could boost energy demand.It is expected that oil's downward trend could persist if China proceeded with a speculated rise in interest rates to cool down its overheated economic growth.Mike Zarembski of OptionsXpress in Chicago said: "We don't have the extremes of yesterday's API number, but on the surface this is a bearish report showing lackluster demand with the increase in products."