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Oil prices fall; remain close to 64.0 dollars
AFP
LONDON
Petroleumworld.com 03 27 06World oil prices dropped on Monday, but remained close to 64.0 dollars per barrel in New York amid supply concerns.
New York's main contract, light sweet crude for delivery in May, slid by 43 cents to 63.83 dollars per barrel in electronic deals before the market's official opening.
In London, the price of Brent North Sea crude for May delivery slipped 52 cents to 62.99 dollars per barrel in electronic trade.
Crude futures had risen on Friday following new outages in Nigeria, Africa's biggest producer of crude, caused by rebel attacks.
A bomb attack on a pipeline owned by Italian oil giant ENI on March 17 cut production of crude in the southern Niger Delta by 75,000 barrels per day.
This brings Nigeria's total losses since a renewed campaign of violence against the oil industry to more than 20 percent of the country's output.
The company warned customers Friday that it might not be able to honour some export contracts after the attack.
Eni said it hopes to repair the pipeline by the end of the month but in the meantime had declared "force majeure" in order to avoid paying damages to clients waiting for crude at the Brass export terminal.
03/27/2006 05:41 - AFP
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