As US crude reserves fall for fourth consecutive week, oil prices fall

12-Jun-08

Release of US government report that showed American crude reserves dipped 4.6 mln barrels in the week ending June 6, for the fourth consecutive week, has pushed down oil prices in Asia. New York's main oil futures contract, light sweet crude for July delivery, dipped to US$135 after trading at almost US$137 in the morning. Brent North Sea crude for July delivery dipped to US$134.70 a barrel. All eyes are now focused on a meeting planned for June 22 of the world's biggest oil producers and consumers to discuss skyrocketing crude prices, in Jeddah, Saudi Arabia. Organisation of the Petroleum Exporting Countries (OPEC) members collectively produce about 40% of the world's crude. Analysts in the Gulf said the call for the meeting aimed to show that OPEC states were not responsible for the price surge.