10 May 2007 - 15:19
  • News Code: 104278
Iran Oil Prices Keep Falling

TEHRAN – Iran’s average crude oil price slipped 22 cents a barrel to settle at $62.03.

Iranian light sweet crude oil for May 8 declined to $63.24 a barrel.

Based on the official report released by National Iranian Oil Company’s (NIOC) International Affairs Dept., heavy crude oil price was $60.63 down 21 cents from Monday’s 60.84 a barrel.

OPEC basket price for Tuesday closed at $61.89.

FOB Sidi Kerir light crude was traded at $62.63 and its heavy crude oil stood at $60.93.

In the meantime, oil prices fell more than $1 Wednesday on a U.S. inventories report showing the first rebound for gasoline stocks in three months.

The increase could relieve pressure on U.S. retail gasoline prices, which have risen to near-record levels ahead of the summer driving season, AP reported.

Inventories remain well below levels a year ago, however, and persistent problems at the nation’s refineries and escalating violence in Nigeria’s oil region could drive prices still higher.

Marking the first increase in 13 consecutive weeks, gasoline stocks rose an average of 400,000 barrels last week to 193.5 million barrels, slightly ahead of analyst expectations.

“Overall, the same problems that drove gas prices to record highs haven’t gone away,” said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago. “The big picture for today is still scary.” 

Light, sweet crude for June delivery fell $1.16 to $61.10 a barrel in afternoon electronic trading on the New York Mercantile Exchange (Nymex). June Brent crude dropped $1.01 to $64.53 a barrel on London’s ICE Futures exchange.

Gasoline futures slipped 1.45 cent to $2.1900 a gallon.





News Code 104278

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