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Empresas y finanzas

Oil slips back below $38 on retail sales data


    LONDON (Reuters) - Oil slipped back below $38 a barrel on Wednesday, giving up early gains after news of worse-than-expected U.S. retail sales figures depressed stock markets and hit the dollar.

    The U.S. Commerce Department said total retail sales fell 2.7 percent to a seasonally adjusted $343.2 billion last month. Analysts polled by Reuters had forecast December retail sales falling 1.2 percent.

    The data wiped out earlier gains on the back of talk of more production cuts by OPEC and a cold snap in the United States that has boosted heating oil demand.

    U.S. light crude for February delivery was down 40 cents at $37.38 a barrel by 8:53 a.m. EST after earlier hitting a high of $39.45. London Brent crude lost 30 cents to $44.33 per barrel.

    Libya's top oil official said on Wednesday that OPEC's existing oil output cuts should support oil prices and that it was too early to tell if a further production reduction.

    A Reuters poll ahead of Wednesday's U.S. inventory report saw a 2.2 million barrel build in crude stockpiles in the week to January 9, and distillate and gasoline supplies rising by 1.1 million and 1.6 million barrels respectively.

    (Reporting by Christopher Johnson; editing by James Jukwey)