February 16, 2006	Thursday	Muharram 17, 1427

LONDON, Feb 15: World oil prices fell on Wednesday to the lowest levels for almost two months after official data revealed healthy stockpiles of US energy.

Prices in New York dropped below $59 per barrel for the first time since December 28. Crude futures in New York have now fallen 13.5 per cent since the start of February.

On Wednesday New York’s main contract, light sweet crude for delivery in March, shed 97 cents to $58.60 per barrel in pit trading.

In London, the price of Brent North Sea crude for April delivery tumbled 84 cents to $58.68 per barrel in electronic deals.

Inventories of US crude oil and refined products rose over the past week, the US government said on Wednesday.

The Department of Energy reported that crude oil reserves rose by 4.9 million barrels to 325.6 million in the week to February 10. The rise was well above the gain of 1.1 million barrels forecast by private economists.

Gasoline inventories meanwhile increased 2.2 million barrels to 225.5 million, also ahead of the average analyst forecast of a rise of 1.4 million barrels.

Reserves of distillates, used for heating and diesel fuel, rose 900,000 barrels to 136.9 million, according to the DoE.

Jason Schenker at Wachovia Securities said the report showing supply increase in all categories is “very bearish” for prices.—AFP