Oil prices dipped marginally on Wednesday to US$74.11 per barrel in electronic trading on the New York Mercantile Exchange.
This follows Tuesday's spike, when crude futures rose on news that Iranian officials had ruled out an immediate response to an international offer of incentives to suspend suspected nuclear activity. This statement indicates Iran's rigid stand on the matter and could indicate a move toward sanctions.
The market awaits the U.S. Energy Department's weekly inventory report, that is expected to show a drop of 1.4 million barrels in U.S. crude stocks and a seasonal decline of 500,000 barrels in commercial gasoline inventories.
12-Jul-06 
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