January 30, 2008	Wednesday	Muharram 20, 1429

LONDON, Jan 29: World oil prices fell in New York and rose in London on Tuesday as traders eyed volatile global stock markets and awaited US energy stockpiles data, a US interest rate call and an Opec production meeting later in the week.

New York’s main contract, light sweet crude for delivery in March, gave up 13 cents to $90.86 per barrel.

Brent North Sea crude for March delivery won 11 cents to $91.49 a barrel. In earlier trades, both contracts had risen above $91 per barrel.

“Oil prices moved back up above $91 per barrel, boosted by improving financial market sentiment,” said Barclays Capital analyst Kevin Norrish.

He added: “Equity market movements, economic growth expectations and speculation over future monetary policy measures are continuing to set the tone of trading in the market.” On Wednesday, meanwhile, the US government’s Energy Information Administration (EIA) will reveal the state of American oil inventories for the week ending January 25.

The weekly report is widely watched by the market because the United States is the world’s biggest consumer of energy, followed by number two China.

In addition, the US Federal Reserve is forecast to slash its key interest rate on Wednesday in a move that could encourage US demand for crude oil -- and therefore could strengthen prices.

—AFP