May 1, 2003	Thursday	Safar 28, 1424

LONDON, April 30: Oil prices rebounded slightly on Wednesday after days of heavy falls as traders mulled news of a modest rise in US crude stock levels and nervously watched a tense workers’ stand-off on Nigerian oil rigs.

In London, the price of Brent North Sea crude oil for June delivery rose 44 cents to $23.70, having hit a five-month low early the previous day.

New York’s benchmark light sweet crude contract for delivery in June, which had slid for six straight days, was up 65 cents at $25.89 a barrel in early deals.

Prices slipped briefly after weekly figures from the US energy department showed that US crude oil stocks rose 1.8 million barrels, or 0.6 per cent, to 288.0 million in the week ended April 25 from the previous week.

Gasoline inventories increased 4.4 million barrels to 205.6 million while distillate fuel stocks fell 200,000 barrels to 95.9 million for the week.

“The market tried to push lower on the back of the US numbers, but it’s been repelled back up from there,” said trader Graham Flint at the ED and F Man brokerage.

Preying on the market’s mind was the situation in Nigeria, where escalating tensions are threatening to affect the country’s oil production for the second time in little more than a month.

The Nigerian navy launched an operation to secure four offshore oil platforms where a strike has trapped 97 British, US and European workers.—AFP