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New York - Oil prices fell two percent to settle below 74 dollars per barrel on Monday local time, due to lower crude oil demand due to economic downturn continued to push prices beyond the strengthening of the U.S. jobs report last week.

Crude oil on the NYMEX light sweet crude for January delivery fell 1.54 dollars to settle at 73.93 dollars per barrel.

Brent crude North Sea, London, fell 1.09 dollars to settle at 76.43 dollars.

"Although the number of jobs improved, metah oil has drawn significant in terms of inventories, refinery utilization and overall economic activity. That's what kept pressing," said John Kilduff, partner, Earth Round Capital.

Inventories of oil products and has been rising in the world's largest oil consumer due to the economic downturn has hit demand.

U.S. crude oil stocks rose again last week, according to a preliminary poll of analysts by Reuters on Monday.

On Friday, data showed that U.S. employment fell much less than the estimate has increased expectations for economic recovery, but on Monday the U.S. Federal Reserve Chairman Ben Bernanke warned that the unemployment rate can remain elevated for some time.

U.S. stocks rose slightly after Bernanke said the U.S. economy improves, but shares fell in late trading thin as investors remained cautious about the power of recovery.

The oil market has seen the macro factors of the economy this year for signs that the economy will recover enough to support oil demand.

The dollar drifted lower after Bernanke comments.

Weakness in the greenback typically encourages investor interest in dollar-denominated commodities.

Saudi Arabia Oil Minister Ali al-Naimi on Saturday described the current oil price is stable and the "perfect" for consumed higher and producer countries around 75 dollars per barrel.

With no change in output is estimated at Luanda OPEC meeting later this month, stocks in the land and the estimated 165 million barrels of crude oil and refined products in storage to send investors a floating further along the curve of oil futures trading for profit. (*) (ANTARA News / Reuters)