LONDON, Dec 30: World oil prices eased on Friday on profit-taking ahead of the New Year but held on to the astonishing 40 per cent gains made over the course of 2005, dealers said.
New York’s main contract, light sweet crude for delivery in February, receded 47 cents to $59.85 per barrel in pit dealing.
In London, the price of Brent North Sea crude for February delivery declined 19 cents to $57.88 per barrel in electronic trading.
Both London Brent and US light crude futures fell “on thin profit-taking after a two-day rally”, noted analysts at the Sucden brokerage firm.
“Despite this, both markets are set to finish the year 40 per cent higher than the close of 2004.”
Crude futures had hit historic high prices in late August following the devastation wrought by Hurricane Katrina on US Gulf Coast energy installations, striking $70.85 per barrel in New York and $68.89 in London.
That marked a 70 per cent jump between January and August, but prices have since pulled back owing largely to mild weather across the northern hemisphere in the run-up to winter. —AFP
