After shedding more than 3 dollars over the previous two days, oil prices have taken a further dip. With this, oil prices have pulled back from record highs, after a rise in US crude stocks eased supply concerns. New York's main contract, light sweet crude for delivery in August, fell to US$57.18 per barrel. In London on Thursday, the price of Brent North Sea crude oil for delivery in August dipped to US$55.71 per barrel, after shedding $3.15 the previous two days.
An unusual build in crude inventories and refinery utilisation of over 96%, suggest a high level of imports. The weekly figures from the US Department of Energy (DoE) showed US crude oil reserves rose 1.1 million barrels to 328.5 million barrels in the week ended June 24. Gasoline inventories rose 300,000 barrels to 216.2 million in the week and distillates, used for heating oil and diesel, rose 1.7 million barrels to 113.2 million.
02-Jul-05 
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