Oil prices fall further

LONDON – World oil prices extended losses yesterday 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 64 cents to US$71,29 per barrel in electronic deals before the market’s official opening. In London, the price of Brent North Sea crude for June delivery lost 78 cents to US$71,31 per barrel in electronic trade.Crude futures had ended more than a dollar lower in London on Wednesday after the US Department of Energy (DoE) said 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 three 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 petrol reserves had tumbled in recent weeks ahead of the peak demand season for motor fuel beginning in May.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.-Nampa-AFPIn London, the price of Brent North Sea crude for June delivery lost 78 cents to US$71,31 per barrel in electronic trade.Crude futures had ended more than a dollar lower in London on Wednesday after the US Department of Energy (DoE) said 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 three 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 petrol reserves had tumbled in recent weeks ahead of the peak demand season for motor fuel beginning in May.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.-Nampa-AFP