Oil prices dip

AFP, LONDON: World oil prices nudged lower yesterday llying sharply the previous day following the first drop in US inventories for seven weeks. Around 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May slid four cents to $37.71 a barrel. Brent North Sea crude for June delivery shed five cents to $39.79 a barrel compared with Wednesday’s close. Prices had rallied Wednesday after the US government’s Energy Information Administraion (EIA) reported that commercial crude inventories fell 4.9 million barrels in the week ending April 1. That confounded market expectations for a gain of 2.85 million, signalling strong demand, and followed a 2.3-million-barrel increase the previous week. The figures helped prices build on healthy gains that came on the back of comments from Kuwait that this month’s crucial producers’ meeting could yield an agreement to limit output, despite conflicting statements by participants.

Oil prices dip

AFP, LONDON: World oil prices nudged lower yesterday llying sharply the previous day following the first drop in US inventories for seven weeks. Around 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May slid four cents to $37.71 a barrel. Brent North Sea crude for June delivery shed five cents to $39.79 a barrel compared with Wednesdays close. Prices had rallied Wednesday after the US governments Energy Information Administraion (EIA) reported that commercial crude inventories fell 4.9 million barrels in the week ending April 1. That confounded market expectations for a gain of 2.85 million, signalling strong demand, and followed a 2.3-million-barrel increase the previous week. The figures helped prices build on healthy gains that came on the back of comments from Kuwait that this months crucial producers meeting could yield an agreement to limit output, despite conflicting statements by participants.