April 5, 2003	Saturday	Safar 2, 1424

LONDON, April 4: World oil prices fell back on Friday in response to rapid US-led advances towards Iraqi President Saddam Hussein’s seat of power as well as signs of a gradual recovery of production in Nigeria.

In London, the price of reference Brent North Sea crude oil for May delivery slid 80 cents to $24.70 a barrel in late trading.

New York’s benchmark light sweet crude oil contract for May delivery fell 77 cents to $28.20 a barrel in early trading.

“The news that oil production is starting to return in Nigeria has contributed to downward pressure following earlier reports of Iraqi troops surrendering today,” said ED and F Man trader Graham Flint.—AFP