March 06, 2007	Tuesday	Safar 16, 1428

LONDON, March 5: World oil prices fell heavily on Monday as traders sought to limit their exposure to high-risk investments amid continued stock market uncertainty, dealers said.

The oil market also tracked news from Royal Dutch Shell, which said a major oil spill in a production facility in southern Nigeria had reduced output by 187,000 barrels per day.

In London, the price of Brent North Sea crude for April delivery tumbled $1.53 to $60.55 per barrel in electronic deals.

New York’s main oil futures contract, light sweet crude for delivery in April, slid $1.46 to $60.18 per barrel in floor trading.

European and Asian share prices plunged again on Monday as turbulent trading conditions stretched into a second week, dealers said. However, Wall Street rebounded following initial sharp losses.

“The market is very risk-averse right now,” said Global Insight analyst Mike Wittner.—AFP