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Oil Prices Drop As Storm Worries Ease

Oil prices retreated amid easing concerns about a cyclone approaching the Persian Gulf and on expectations that a supply report from the United States would show that its gasoline stockpiles rose last week, the Associated Press reports.

Also sending crude futures lower was news that a Nigerian opposition group had declared a one-month cease-fire. That could offer newly inaugurated President Umaru Yar'Adua an opening to solve the crisis that has roiled Africa's oil giant, a leading exporter of crude to the United States.

Light, sweet crude for July delivery fell 33 cents to $65.88 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. Brent crude for July fell 13 cents to $70.27 a barrel on the ICE Futures exchange in London.

Posted by   at 9:18 AM to Oil | Permalink

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