Oil
prices continue downwards trend
AFP
LONDON
Petroleumworld.com
02 28 06
World oil prices kept falling on Tuesday following last week's
robust US stocks data and Saudi Arabia's success in foiling an
attempt to blow up a major oil refinery, dealers said.
New York's main contract, light sweet crude for delivery in April,
slid 38 cents to 60.62 dollars per barrel in electronic deals.
In London, the price of Brent North Sea crude for April delivery
shed 20 cents to 60.79 dollars per barrel.
New York prices had tumbled 1.91 dollars in closing deals on Monday
as geopolitical concerns eased, allowing the market to focus on
the buoyant US gasoline and crude inventories data released last
week.
"Last week, there was an attack by terrorists in Saudi Arabia
and that's why the market jumped, but the Saudi authorities were
successful in foiling the attack so this calmed the market a bit,
prompting traders to have a reason to sell," said Tetsu Emori,
chief commodities strategist with Mitsui Bussan Futures in Tokyo.
Saudi security forces Friday foiled the attack on the Abqaiq oil
refinery in the oil-rich Eastern Province, killing the would-be
suicide-bomber drivers of two trucks laden with explosives before
they could penetrate the massive complex.
US crude futures had spiked by more than 2.0 dollars last Friday
as news of the attack compounded global crude supply worries.
AFP
02 28 06
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© 2006 AFP. All rights reserved
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