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Oil prices slip, remain close to 70 dollars in London
AFP
LONDON
Petroleumworld.com 04 13 06Oil prices fell on Thursday but remained close to 70 dollars in London owing to concerns about global supplies.
In London, the price of Brent North Sea crude for June delivery lost 33 cents to 69.53 dollars per barrel in electronic dealing. The May contract expired on Wednesday.
New York's main contract, light sweet crude for delivery in May, dropped 34 cents to 68.28 dollars per barrel.
Brent crude had Wednesday reached an all-time peak of 69.97 dollars on news of falling US gasoline stockpiles, combined with heightened tensions over Iran.
Brent has been striking record high points since Monday on market concerns that the United States might launch military strikes at uranium facilities in Iran, the world's fourth largest producer of crude.
The US Department of Energy, meanwhile, revealed Wednesday that gasoline or petrol inventories slumped by 3.9 million barrels to 207.9 million in the week to April 7.
That contrasted with market expectations of a fall of just 2.1 million barrels. Market watchers said the figures reinforced concerns about gasoline constraints heading into the peak-demand US summer holiday season, beginning late May, when many American drivers take to the roads on vacation.
Gasoline stockpiles in the United States have been in decline for more than one month.
AFP 04 13 06 0850 GMTCopyright © 1994-2006 Agence France-Presse. All Rights Reserved.
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