Oil prices fall
Sunday, 5 August 2007
NEW YORK, Aug 4 (BSS/AFP) - World oil prices fell yesterday as traders wrapped up a volatile week that saw New York crude strike a record high 78.77 dollars per barrel on concerns over tight supplies.
New York's main futures contract, light sweet crude for delivery in September, tumbled 1.38 dollars to close at 75.48 dollars per barrel.
In London, the price of Brent North Sea crude for September delivery shed 1.01 dollars to settle at 74.75 dollars per barrel.
"Concerns about tighter markets ahead remain and ... market participants seem keen to buy oil on any significant dip," said Sucden analyst Andrey Kryuchenkov.
Crude futures had finished higher Thursday, despite news of improving US refinery output, as traders focused instead on declining crude inventories.
New York crude oil had soared to 78.77 dollars Wednesday after the US Department of Energy said US crude stockpiles sank 6.5 million barrels in the week ended July 27.
That was nearly six times more than market expectations for a drop of 1.13 million barrels, and sparked fresh concern over tight global energy supplies.
On Wednesday, the head of the International Energy Agency (IEA) urged the OPEC oil cartel to increase production after crude prices hit a new record.
New York's main futures contract, light sweet crude for delivery in September, tumbled 1.38 dollars to close at 75.48 dollars per barrel.
In London, the price of Brent North Sea crude for September delivery shed 1.01 dollars to settle at 74.75 dollars per barrel.
"Concerns about tighter markets ahead remain and ... market participants seem keen to buy oil on any significant dip," said Sucden analyst Andrey Kryuchenkov.
Crude futures had finished higher Thursday, despite news of improving US refinery output, as traders focused instead on declining crude inventories.
New York crude oil had soared to 78.77 dollars Wednesday after the US Department of Energy said US crude stockpiles sank 6.5 million barrels in the week ended July 27.
That was nearly six times more than market expectations for a drop of 1.13 million barrels, and sparked fresh concern over tight global energy supplies.
On Wednesday, the head of the International Energy Agency (IEA) urged the OPEC oil cartel to increase production after crude prices hit a new record.