Oil prices fall to around 61 dollars

14-Feb-06

World crude oil prices fell Monday to their lowest levels this year on better supplies. New York's light sweet crude for delivery in March, fell to 61.24 dollars per barrel. In London, the price of Brent North Sea crude for March delivery fell to 59.38 dollars per barrel. Heating oil, gasoline, natural gas, all traded down on the New York Mercantile Exchange. Analysts expect retail gasoline prices to soon dip below $2 a gallon in some parts of the U.S. Rising U.S. energy inventories and milder than expected weather in the northern hemisphere winter are the key triggers for the drop although uncertainties still remain on the Iran's nuclear activity issues and to a lesser extent unrest in Nigeria