May 4, 2006	Thursday	Rabi-us-Sani 5, 1427

LONDON, May 3: World oil prices fell strongly on Wednesday after data showing US inventories of crude oil and motor fuel helped ease concerns over energy supplies.

The price of London’s Brent North Sea crude for June delivery dropped $1 to $73.64 per barrel in electronic deals.

New York’s main contract, light sweet crude for delivery in June, shed $1.21 to $73.40 per barrel in pit trading.

The Department of Energy said that US crude oil reserves rose by 1.7 million barrels to 346.7 million barrels in the week to April 28. Analysts had expected a fall of 150,000 barrels.

Gasoline, or petrol, reserves, which are in focus ahead of the US summer peak driving season, rose 2.1 million barrels to 202.7 million barrels. Markets had bet on a fall of 650,000 barrels.—AFP