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Oil prices slip from record highs
By Antoine Agasse
AFP
NEW YORK
Petroleumworld.com 04 25 06World oil prices fell Monday from record highs amid profit-taking, as traders debated whether the market had topped out or was merely pausing amid another run higher.
New York's main contract, light sweet crude for delivery in June, slid 1.83 dollars to 73.33 dollars per barrel in closing trades.
New York crude had touched 75.35 dollars per barrel in Asian electronic trade on Monday -- matching the all-time intraday high set last Friday.
London's Brent North Sea crude meanwhile fell 1.57 dollars to close at 73.00 dollars a barrel, after Friday's historic peak of 74.79 dollars.
"It's just really some profit taking at this point," said John Kilduff at Fimat USA, who added that "there was a lot of buying ahead of the weekend."
Kilduff said the factors that led to last week's record highs -- concerns about Iran and other geopolitical hotspots as well as potential supply shortages of gasoline in the US -- have not disappeared.
"Nothing has really changed, but a very significant and steep rally almost necessitated a correction at some point," he said.
"This is just a brief respite ... The Iran situation will come to the fore on Friday with the UN and the (US) inventory report on Wednesday will also prove to be bullish for the market."
Also on Monday, OPEC decided to keep its crude output steady and blamed the market frenzy on political tension and lack of refining capacity.
"No change," Venezuelan Energy Minister Rafael Ramirez told reporters as he emerged from the informal talks on the sidelines of an international energy forum in Doha.
He added that the trend for this week would be "stable" after the recent meteoric rise.
The pause came after global finance chiefs from the Group of Seven economic powers called over the weekend for action against runaway oil prices following a meeting in Washington.
The G7 finance ministers called for greater investment in oil consuming and producing countries, and for more conservation and energy efficiency.
Investors remain nervous that action against Iran over its disputed nuclear energy program may lead to a cut in exports from the world's fourth-largest crude producer.
Iran vowed Monday that it would ignore this week's UN Security Council deadline to freeze its sensitive uranium enrichment work, the centre of fears that the Islamic republic could acquire atomic weapons.
The London-based Centre for Global Energy Studies said Monday that oil prices would fall substantially only if demand dropped or geopolitical tensions evaporated.
"Looking ahead, there is little prospect of oil prices weakening, unless geopolitical tensions fade away or there is a collapse in oil demand, neither of which seems likely at the moment," the CGES said in its latest monthly report.
Bill O'Grady at AG Edwards said the situation in Nigeria, another major oil producer, remains a key worry as well.
"Investors should be aware that even a reduction in tensions between Iran and the United States may not significantly weaken oil prices if the situation in Nigeria fails to improve," he said.
"This factor could support oil prices until conditions improve."
AFP 04 24 06 1942 GMTCopyright © 1994-2006 Agence France-Presse. All Rights Reserved.
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