July 20, 2006	Thursday	Jumadi-ul-Sani 23, 1427

LONDON, July 19: Oil prices plunged on Wednesday as traders seized on news of rising energy stockpiles in the US amid subsiding concerns over the Israeli offensive in Lebanon, dealers said.

New York's main contract, light sweet crude for delivery in August, sank $1.44 to $72.10 per barrel in pit trading, after earlier touching $71.65 -- the lowest point since the end of June.

In London, Brent North Sea crude for September delivery shed $1.05 to $73.31 per barrel in electronic deals after dropping as low as $72.59.

US crude inventories rose by 200,000 barrels to 335.5m barrels in the week to July 14, the US Department of Energy revealed.—AFP