A marginal drop in world oil prices was witnessed despite an unexpected fall in U.S. crude inventories last week. New York's main contract, light sweet crude for delivery in May, closed at US$61.77 a barrel. And On London's ICE Futures exchange, the price of Brent North Sea crude for May delivery slipped to US$61.75 a barrel.
The Department of Energy reported a drop in U.S. commercial crude oil inventories in the week ended March 17, while supplies of gasoline and other refined products also declined. Commercial crude oil inventories dropped 1.3 million barrels last week as against an estimated rise of 2.8 million barrels. Despite the decrease, stockpiles are nearly 9% above year ago levels.
23-Mar-06 
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