March 14, 2007	Wednesday	Safar 24, 1428

LONDON, March 13: World crude oil prices rebounded on Tuesday after the International Energy Agency warned that falling inventories of oil could put upward pressure on prices in coming months.

Gains were capped, however, by forecasts for warm temperatures in the US, the world’s largest energy consumer, and by expectations the Opec cartel will not alter its output this week.

The price of Brent North Sea crude for April delivery jumped $1.07 to $61.81 per barrel in electronic deals on Tuesday.

New York’s main oil futures contract, light sweet crude for delivery in April, gained 64 cents to $59.55 per barrel in floor trading.

“Crude futures were higher on Tuesday ... after bullish news from the International Energy Agency, who said that oil inventories in industrialised countries are likely to score their largest first quarter decline in over 10 years, following Opec production curbs,” said Sucden analyst Michael Davies.

“In addition, colder weather in the US in February is also expected to take its toll on oil stocks.”

The US Department of Energy publishes its weekly snapshot of American energy stockpiles on Wednesday.

The Paris-based IEA warned on Tuesday about dwindling global inventories in leading industrialised nations in the group’s monthly market report.

“Tighter Opec supply and colder temperatures in the US in February served to perpetuate the recent downward trend in OECD stocks,” the IEA said.—AFP