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Oil dips as nations mull tapping reserves

Mar 29 2012 08:01 AFP

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Singapore - Oil prices fell in Asian trade on Thursday following US and European indications of support for releasing strategic oil reserves, analysts said.

New York's main contract, West Texas Intermediate crude for delivery in May, shed 8 cents to $105.33 per barrel in the afternoon while Brent North Sea crude for May settlement was down 9c at $124.07.

"Crude prices weakened slightly on expectations that the US and several European countries would support a release of oil from strategic stocks," said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at Ernst and Young.

France's Energy Minister Eric Besson on Wednesday gave the clearest indication so far that it was ready to release some of its reserves to stave off prices, which have spiked in recent weeks.

"It was the United States that requested this, and France greeted the idea favourably. We are now waiting for the opinion of the International Energy Agency (IEA)," Besson said on Wednesday after a cabinet meeting.

Government spokesperson and Budget Minister Valerie Pecresse said France was working with the United States and Britain to persuade the IEA to permit them to tap their reserves to "counter speculation on global energy markets".

An unexpected jump in US crude inventories was also weighing on the market, analysts said.

The US Energy Information Administration on Wednesday said crude inventories in the world's top oil consuming economy rose 7.1 million barrels last week - three times the amount expected, stoking concerns about slowing demand.

oil stocks  |  markets  |  oil

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