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Oil price fall deepens
AFP
NEW YORK
Petroleumworld.com 04 28 06
World oil prices extended losses on Thursday as worries over low stocks of US motor fuel eased.
But traders said concerns remained over major crude producer Iran, on the eve of a United Nations deadline for the Islamic republic to freeze its nuclear programme.
New York's main contract, light sweet crude for delivery in June, fell 96 cents to close at 70.97 dollars a barrel.
In London, the price of Brent North Sea crude for June delivery lost 1.18 dollars to end at 70.91 dollars a barrel.
"It is not surprising that prices are retreating," Fimat analyst Mike Fitzpatrick said.
"It is not that any of the important fundamental elements that have brought prices to these levels has changed substantially, but rather, that some would rather lock up profits," he said.
Crude futures had ended more than a dollar lower in London on Wednesday after the US Department of Energy (DoE) said gasoline 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 -- much less than the 600,000-barrel decline forecast by market watchers.
US gasoline reserves have 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.
But the slower decline seen last week "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.
Other factors behind rocketing oil futures are tensions in major oil producers Iran and Nigeria, as well as strong global energy demand.
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.
The UN Security Council has given Iran 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.
But for now, Alaron Trading analyst Phil Flynn said: "The market is showing signs that we may have put in a near-term top in prices."
AFP 27 04 06 2009 GMT
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