Crude oil prices dipped, as traders took profits from a recent surge in prices caused by supply concerns triggered by possible sanctions against Iran and political unrest in Nigeria. Light, sweet crude for February delivery fell to US$66 a barrel on the New York Mercantile Exchange, heating oil futures fell 2.65 cent and gasoline slipped 3.88%. In London, the price of Brent North Sea crude for March delivery ended at US$64.19 a barrel
Last week Iran decided to restart its nuclear program after a 2 1/2-year deferral. The West fears Iran intends to build an atomic bomb, but Iran claims its program is intended only to produce electricity. International Atomic Energy Agency, the UN atomic watchdog, plans to hold an emergency meeting on Iran's nuclear program on Feb. Oil price is estimated to top US$70 a barrel, if the nuclear dispute between the West and Iran drags on, raising the likelihood that Iran would cut off production.
Supply disruptions due to violence in Nigeria are also supporting prices. . Separatists blamed for a string of attacks on oil installations have called on foreign energy companies to leave.
19-Jan-06 
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