March 10, 2007	Saturday	Safar 20, 1428

LONDON, March 9: World oil prices fell on Friday, after large gains made on the back of a surprise drop in US energy inventories.

Traders booked profits ahead to an output meeting in Vienna next week of the Organisation of Petroleum Exporting Countries (Opec).

The price of Brent North Sea crude for April delivery sank 82 cents to $61.51 per barrel in electronic deals. On Thursday, the contract had hit $62.84 -- the highest point since December 26, 2006.

New York's main oil futures contract, light sweet crude for delivery in April, fell 79 cents to $60.85 per barrel in floor trading.

Crude futures fell on Friday, with investors “locking in profits before the weekend after strong gains on the back of bullish US inventories,” said Sucden analyst Michael Davies.

The US Department of Energy had revealed on Wednesday that American stocks of crude oil, distillates and gasoline (or petrol) fell across the board in the week to March 2.

US crude oil inventories fell by 4.8 million barrels, compared with market expectations for an increase of 1.8 million.

Gasoline reserves tumbled 3.8 million barrels -- more than double the predicted fall of 1.5 million.

Distillate inventories, including heating oil and diesel, fell by 1.3 million barrels, which was less than analysts had forecast.

Following the report, crude futures bounced back from Monday's heavy losses that came amid turmoil on world stock markets. — AFP