January 26, 2007	Friday	Muharram 06, 1428

LONDON, Jan 25: Global oil prices edged down on Thursday in muted trading as the market focused on both cooler weather and rising energy reserves in the United States, analysts said.

In London, the price of Brent North Sea crude for March delivery slid nine cents to $55.34 per barrel in electronic deals.

New York’s main oil futures contract, light sweet crude for delivery in March, also slipped nine cents to $55.28 per barrel in floor trading.

“It’s very quiet after a stable close last night,” said Bache Financial trader Tony Machacek of Thursday's price action.

Crude futures had closed higher on Wednesday, extending Tuesday's sharp gains as chillier temperatures continued across the US. Swelling US energy stocks had pressured prices on Wednesday, following sharp gains made on Tuesday in reaction to plans by US President Bush to double the country's emergency oil reserves.—AFP