After touching record highs amid worries of supply in Iran and Nigeria, world crude oil prices retreated as traders took profit. New York's main contract, light sweet crude for delivery in May, slipped to US$ 71.95 dollars a barrel and the price of Brent North Sea crude for June delivery on London's ICE Futures exchange slipped to US$ 73.18 dollars a barrel.
The market is abound with concerns of possibilities that Iran's oil exports would halt if the United Nations imposes Teheran an international sanction for its nuclear activities. 25% of Nigeria's daily output is still shut after a series of militant attacks. Nigeria is the fifth-biggest source of U.S. oil imports.
Concerns over US gasoline supplies seem to have calmed a little as high prices peg back demand ahead of the summer driving season. US gasoline inventories fell 5.4 mln barrels last week, double of analysts' forecasts, sparking fears of a supply crunch.
21-Apr-06 
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