NEW YORK, United States – Oil prices dipped below US$73 a barrel yesterday on a stronger dollar and a slew of economic data that did not indicate a quick rebound in demand from big energy users or from consumers.

Reports from Britain and Germany showed that international manufacturing remains weak. And US-based economists noted that while America’s jobless numbers improved last week, that doesn’t necessarily mean consumer spending or energy consumption will return anytime soon.

“The residue of this recession will linger in the psyche of the American consumer — (whose) spending drives two-thirds of the US economy — for quite some time to come,” analyst Stephen Schork said in his energy market report.

Crude has fallen now for five days and the sell-off has been particularly strong for January contracts. More contracts are being sold in future months at higher rates, which indicates few people want to take ownership of oil right now.

Most energy experts believe the U.S. government will report Wednesday that crude supplies rose again last week, just as it has in seven of the past 10 weeks.

Benchmark crude for January delivery dropped US$1.31 to settle at US$72.62 a barrel on the New York Mercantile Exchange. In London, Brent crude for January delivery fell US$1.24 to settle at US$75.19 a barrel on the ICE Futures exchange.

The dollar also rose, which can push oil prices lower. Because crude is priced in the US currency, investors holding other currencies like the euro must spend more to buy oil.