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Oil prices dip before US inventories data
AFP
LONDON
Petroleumworld.com 03 29 06World oil prices fell slightly on Wednesday as the market awaited the latest weekly snapshot of US crude inventories.
Crude futures had surged on Tuesday above 66.0 dollars per barrel in New York as violence in Nigeria, expectations of falling US crude inventories and Iran's nuclear programme fed a speculative frenzy.
On Wednesday, New York's main contract, light sweet crude for delivery in May, fell by 29 cents to 65.78 dollars per barrel in electronic deals before the market's official opening.
In London, the price of Brent North Sea crude for May delivery lost 24 cents to 64.73 dollars per barrel in electronic trade.
New York's main contract had jumped 1.91 dollars to close at 66.07 dollars per barrel on Tuesday. It was the market's highest point in nearly two months.
Brent closed up 1.36 dollars.
On Wednesday, the US Department of Energy was to publish its weekly report on energy stockpiles.
Analysts forecast that US inventories of crude oil had risen by 1.8 million barrels in the week ending March 24. However they predicted that stockpiles of gasoline (petrol) would have fallen.
Before the summer driving season begins in May, when American drivers take to the roads on vacation, falls in US inventories of gasoline underpin oil prices.
AFP 29 03 06 0838 GMTCopyright © 1994-2006 Agence France-Presse. All Rights Reserved.
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