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Oil prices dip

AFP
LONDON
Petroleumworld.com 02 10 06

 World oil prices eased on Friday with analysts in London citing weaker gasoline futures as a reason for the fall.

New York's main contract, light sweet crude for delivery in March, lost one cent to 62.60 dollars per barrel in electronic trade.

In London, the price of Brent North Sea crude for March delivery fell 24 cents to 60.51 dollars per barrel.

"Crude futures were a little lower, weighed upon by weakness in gasoline (prices)," energy analysts at the Sucden brokerage said in London.

"Gasoline (petrol) is coming under pressure from rising stocks and fund profit-taking," they added.

Crude futures had topped 66 dollars on Monday as the International Atomic Energy Agency (IAEA) voted to refer Iran, a major crude producer, to the UN Security Council.

But they tumbled Wednesday on data that revealed strong energy stockpiles in the US.

AFP 02/10/06

Copyright © 2006 AFP. All rights reserved

 

 


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