March 28, 2006	Tuesday	Safar 27, 1427

LONDON, March 27: World crude oil prices dropped on Monday after Nigerian separatist guerrillas had released three kidnapped oil workers, analysts said. However oil prices remained above $64 per barrel in New York owing to lingering supply concerns in Nigeria, Africa’s biggest producer of crude.

New York’s main contract, light sweet crude for delivery in May, slid 22 cents to $64.04 per barrel in pit trading.

In London, the price of Brent North Sea crude for May delivery slipped 17 cents to $63.34 per barrel in electronic trade.

“Oil futures were lower as Nigerian militants released three foreign oil workers,” analysts at the Sucden brokerage firm said.

“The release raised hopes that there may be a more peaceful solution to the crisis in Nigeria,” they added.

Another supply concern was the ongoing dispute over Iran’s nuclear programme.

US and Russian diplomats have met in a new bid to end the impasse over a UN response to Iran’s controversial programme, US Secretary of State Condoleezza Rice said on Sunday.

Iran, the second largest producer of crude in the Opec, has said that any attempt to impose UN sanctions could be met with a cut in its crude supply.—AFP