LONDON, April 29: World oil prices continued to fall on Friday ahead of the long weekend, remaining around $52 a barrel in New York and London after dropping on weak US economic growth data the previous day. New York's main contract, light sweet crude for delivery in June, fell 57 cents to $51.20 per barrel in early deals.
In London, the price of Brent North Sea crude oil for delivery in June slipped 27 cents to $52.22 per barrel.
"Today there has been a weak attempt to take prices back down again," said Alaron analyst Phil Flynn.
A fall below $50 per barrel in New York - briefly slipping to $49.80 on Thursday - had earlier encouraged bargain-hunters back into the market.
"More losses are expected on a lack of any real bullish news in the marketplaces," said analysts at the Sucden brokerage firm.
That was despite rising oil prices earlier in the day. The "recovery started on Thursday evening", noted Bache Financial trader Tony Machacek.
"It is because the market did not slip below important support levels that a lot of speculative traders had been inspired to buy the market again" despite the US data release, Bache Financial trader Tony Machacek said.
Oil prices traded as high as $56 on Monday in New York, but prices tumbled on Wednesday on news that US crude stocks reached a three-year high point in the week ending April 22, while a fall in gasoline reserves was less than expected.
"The much bigger than forecast rise in crude stocks due to high crude imports continues to be a bearish factor," Sucden analysts added.
"With Opec still increasing production there remains a good chance that we will see more crude stock rises again, and as soon as refinery maintenance season is over increased production of gasoline."
"These are both very bearish factors and could see crude prices head towards $45" but "any more major refinery problems will support the market," they added.
Demand for gasoline, or petrol, was expected to rise with the US summer driving season starting next month - when many Americans take to the road for holidays.-AFP
