Oil prices dip under 53 dollars a barrel as supply concerns ease

LONDON - Global oil prices slipped below 53 dollars a barrel in New York and London as concerns over a possible supply shortage ahead of the US summer driving season continued to ease.
New York's main contract, light sweet crude for delivery in May, dropped 48 cents to 52.84 dollars a barrel in electronic deals.
In London, the price of Brent North Sea crude oil for delivery in May, lost 77 cents to 52.12 dollars a barrel.
Oil prices have fallen heavily after hitting record peaks the previous Monday of 58.28 dollars a barrel in New York and 57.65 dollars in London, on fears of global supply shortages.
"A rise in US oil stocks on Wednesday dampened supply worries," said analysts at the Sucden brokerage firm.
Data from the Department of Energy showed crude oil stocks in the United States, the world's largest petroleum consumer, rose 2.4 million barrels to 317.1 million in the week to April 1.
The DoE report also showed US refineries operated at 93.7 percent of capacity in the week to April 1, up from 91.1 percent the previous week, allaying fears of a gasoline supply crunch ahead of the US holiday season next month when many Americans take to the roads for holidays.

04/11/2005 10:25 GMT