Oil prices eased marginally despite supply concerns from major crude producers Nigeria and Iran. New York's main contract, light sweet crude for delivery in May dipped to US$66.15 per barrel in electronic deals and in London, the price of Brent North Sea crude for May delivery dipped marginally to US$65.37 per barrel in electronic trade.
Crude futures have witnessed a jump to two month highs as a sharp drop in US gasoline (petrol) inventories underscored concerns about a potential supply crunch in the United States over the coming months.
Tensions continue in Nigeria, Africa's biggest producer of crude. Nigeria has seen output cut by more than 20% as a result of attacks on oil installations in the Niger Delta. Concerns continue to mount that Iran, the world's fourth biggest producer of crude, may disrupt its oil exports if punished with sanctions for its disputed nuclear program. The UN Security Council has unanimously approved a statement giving Iran 30 days to abandon its uranium enrichment activities, but failed to mention steps it might take if Tehran fails to comply.
31-Mar-06 
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