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Oil prices fall further
By Perrine Faye
AFP
LONDON
Petroleumworld.com 04 27 06
World oil prices extended losses on Thursday as worries eased over falling stocks of US motor fuel, but concerns remained over major crude producer Iran on the eve of a UN deadline for it to freeze its nuclear programme, dealers said.
New York's main contract, light sweet crude for delivery in June, fell 78 cents to 71.15 dollars per barrel in pit trading.
In London, the price of Brent North Sea crude for June delivery lost 85 cents to 71.24 dollars per barrel in electronic deals.
Crude futures had ended more than a dollar lower in London on Wednesday after the US Department of Energy (DoE) said gasoline, or petrol, reserves, fell by 1.9 million barrels to 200.6 million in the week ending April 21.
The fall was below analysts' forecasts for a drop of 3.0 million barrels.
The DoE added that crude stocks fell by 200,000 barrels to 345 million -- three times lower than the 600,000-barrel decline forecast by market watchers.
US gasoline reserves had tumbled in recent weeks ahead of the peak demand season for motor fuel beginning in May, when many Americans use their cars to go on vacation.
Sliding stockpiles of gasoline have meanwhile been a major cause of record high crude prices. Other factors behind rocketing oil futures are tensions in crude exporters Iran and Nigeria, as well as strong global demand for energy.
New York's main contract had hit 75.35 dollars per barrel on Monday -- matching a record level which was struck last Friday on heightened concerns over the Iranian nuclear crisis, alongside news of weak US gasoline supplies.
Brent crude had struck a historic peak of 74.79 dollars last Friday.
The latest inventories data "is a clear indication that US refiners are starting to come out of maintenance and are picking up runs as we head into (the) peak summer driving season", Calyon analyst Mike Wittner said.
Regarding Iran, the UN Security Council has given Tehran until Friday to freeze uranium enrichment work, which makes fuel for civilian nuclear reactors but can also produce nuclear weapons material.
Iran has rejected the UN demand, insisting it wants only to generate electricity -- but this could open the door to UN economic sanctions or even, according to reports, US military action.
Iran's supreme leader Ayatollah Ali Khamenei warned Wednesday that any US attack against the Islamic republic would prompt retaliation "in every possible part of the world".
Analysts have said Iran could respond to an attack by disrupting its oil exports.
AFP 04 27 06Copyright © 1994-2006 AFP All Rights Reserved.
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