LONDON, 14 May 2005 — World oil prices fell yesterday, dropping to under $48 a barrel in New York after sharp falls the previous day amid a stronger US dollar and higher levels of US crude stocks.
New York’s main contract, light sweet crude for delivery in June, dropped 44 cents to $48.10 per barrel in early deals.
It slid to $47.80 earlier yesterday — a low last seen on Feb. 18.
In London, the price of Brent North Sea crude oil for delivery in June fell four cents to $48.30 per barrel after hitting $48.01 overnight, the lowest level since Feb. 22. “Liquidation in crude oil (continued) as the market’s bearish response to Wednesday’s US inventory figures,” said Barclays Capital analyst Kevin Norrish.
Oil prices had Thursday “dived below $49... extending losses spurred by news US oil inventories are at a six-year high and as the dollar strengthened against major currencies”, analysts for the Sucden brokerage firm said.
