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Oil prices continue decline
AFP
LONDON
Petroleumworld.com 04 28 06
World oil prices drifted lower on Friday as concerns eased over tight US motor oil supplies, but traders remained alert as Iran looked set to defy a UN deadline to freeze its nuclear programme.
UN nuclear chief Mohamed ElBaradei was expected to report that Iran has failed to meet Friday's deadline to stop enriching uranium, opening the door to possible sanctions against the world's fourth-largest crude producer.
New York's main contract, light sweet crude for delivery in June, fell 27 cents to 70.70 dollars per barrel in electronic deals before the market's official opening.
In London, the price of Brent North Sea crude for June delivery lost 26 cents to 70.65 dollars per barrel in electronic trade.
This week, prices have fallen from record levels since US data showed better-than-expected gasoline or petrol stocks, easing worries over supplies ahead of the summer season when many Americans use their cars for vacation.
"The market is becoming less concerned about gasoline supplies in the US," said Mark Pervan, a commodities analyst with Daiwa Securities.
Regarding Iran, the UN Security Council had 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 refused to comply, arguing that it only wants to generate atomic energy.
The deadlock has prompted call from Western powers for tough UN action, while the United States has also not ruled out taking military action.
Oil market analysts fear that Iran could respond to an attack by curtailing its exports.
Falling US gasoline stockpiles and simmering tensions in major crude producers Iran and Nigeria have been key factors behind recent record high oil prices.
New York's main contract had hit 75.35 dollars a barrel on Monday -- matching a record level which was struck last Friday. Brent crude had struck a historic peak of 74.79 dollars last Friday.
AFP 28 04 06 0926 GMT
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