After touching record highs, world crude oil prices retreated on Monday, amid profit-taking and worries of supply in Iran and Nigeria, and as traders debated whether the market had topped out or was merely pausing amid another run highe. New York's main contract, light sweet crude for delivery in June, closed at US$73.33 a barrel, after touching US$75.35, its highest price since 1983. On London's ICE Futures exchange, the price of Brent North Sea crude for June delivery fell to US$73.
The market is abound with concerns of Iran's nuclear standoff with the international community and violence in Nigeria that has forced the shutdown of more than half a million bpd of supply. Inventories of U.S. commercial crude oil and refined products declined in the week ended April 14 as per a report by the Energy Department.
25-Apr-06 
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