February 22, 2007	Thursday	Safar 4, 1428

LONDON, Feb 21: World oil prices rallied on Wednesday, a day before the US government publishes weekly data on the state of US energy stockpiles.

Earlier on Wednesday crude futures had extended losses incurred since the start of the week on forecasts of warmer weather in the United States’ northeastern region which should reduce demand for heating fuel.

In London at about 1700 GMT, the price of Brent North Sea crude for April delivery rose 69 cents to $58.67 per barrel in electronic deals.

New York's main oil futures contract, light sweet crude for delivery in April, gained 50 cents to $59.35 per barrel in pit trading.

“The market is trying to get in a range and doesn't have a true direction in long term,” Bache Financial trader Tony Machacek said.

The US Department of Energy’s weekly snapshot of energy inventories was to be released on Thursday, a day later than usual because of Monday’s President's Day US public holiday.—AFP