September 08, 2006	Friday	Sha'aban 14, 1427

LONDON, Sept 7: World oil prices resumed their downward march on Thursday, striking a new five-month low in New York after official US data revealed a surprise jump in stocks of US gasoline, or petrol, traders said.

New York’s main contract, light sweet crude for delivery in October, dropped 30 cents to $67.20 per barrel in pit trading.

After rising slightly early in the day, light sweet fell following the data’s release to $67.05 -- the lowest level since April 7 and 14 per cent below a record high of $78.40 struck mid-July.

In London on Thursday, Brent North Sea crude for October delivery shed 48 cents to $66.45 per barrel in electronic trade. It reached an intra-day low of $66.35 -- the lowest level since June 14.

The US Department of Energy (DoE) said gasoline inventories increased by 700,000 barrels to 206.9 million in the week to September 1, compared with market expectations of a drop of 900,000 barrels.

Motor fuel supplies are now 6.6 per cent higher compared with a year ago.

US inventories were already “plentiful” ahead of Thursday's data, Sucden analyst Michael Davies said in London.

The DoE figures were published a day later than normal because of the Labour Day public holiday in the United States last Monday.—AFP