World oil prices stand at three-month lows, as they dip below US$47 in New York. Abundant US supplies and speculative sales have triggered this fall in prices. New York's light sweet crude for delivery in June, fell to US$46.92 a barrel, the lowest close since February 9. In London, the price of Brent North Sea crude oil for delivery in July stood at US$47.88 per barrel.
According to weekly data published on Wednesday, the United States had inventories at the highest level recorded in a month since May 1999. The huge gasoline build indicates that USA has ample of gasoline for its peak summer driving season, alleviating fears of a supply shortfall. US crude inventories are high, and afraid of the market turning against them, hedge funds have moved out of oil.
20-May-05 
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