Tepid economy, stronger dollar send oil prices downward

New York, London: Oil prices have fallen below $76 a barrel with new data showing a slow US economic recovery and consumer confidence that remains luke warm at best.

The dollar also gained against other major currencies, which can keep energy prices in check.

Benchmark crude for December delivery fell $1.41 to $76.15 a barrel on the New York Mercantile Exchange.

In other Nymex trading, heating oil fell about 3 cents to $1.9502 a gallon. Gasoline for December delivery dropped 2.78 cents to $1.9516 a gallon. Natural gas for December delivery fell 7.2 cents to $4.40 per 1,000 cubic feet.

In London, Brent crude for January delivery dropped 92 cents to $76.54 on the ICE Futures exchange.