Oil under US$66

You Are Here: FrontPage Marketplace News

Thursday, March 30, 2006 - Web posted at 7:06:20 GMT

Oil under US$66

SINGAPORE - Oil prices slipped under US$66 (N$415,80) yesterday after a sharp rally that came on nagging worries over supply disruptions and on expectations of falling US petrol stocks ahead of peak summer demand.

US light crude traded 22 cents down at US$65,85 a barrel by 0708 GMT, after surging US$1,91 on Tuesday to the highest level since early February.

London Brent crude traded 12 cents lower at US$64,85 a barrel.

Prices have stayed above US$60 for more than a month as traders are worried about threats to slashed Nigerian supplies and geopolitical tension over Iran's nuclear programme, ahead of the peak summer petrol-demand season in the northern hemisphere.

-Nampa-Reuters

Local Marketplace

• Summary
• Headlines
• Forums
• Email this story
• Printer friendly

Marketplace News Headlines Of The Last 48 Hours

•  Nam moves to get ban on exports to SA lifted
•  BEE firms in SA must bail themselves out, say black managers
•  Maputo remains optimistic about foreign aid flows
•  US$500m biofuels project wants Mozambican labour to produce ethanol
•  Union asks leaders not to back down on aid for decent work
•  House market will worsen in South Africa, says Absa
•  Fortescue shares surge on bid rumours by BHP and China
•   Chinese manufacturing drops sharply
•  Ryanair makes new takeover bid for Aer Lingus
•  Local investment key to parry crisis
•  SADC free trade a boon for Namibian market, says report
•  India is growing fat
•  Hong Kong business lobbies against workers' rights in China
•  AED and Nantu sign agreement to fight
•  UN chief raises spectre of water wars
•  Business Unusual
•  Pick n Pay introduces community recycling bank