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LONDON, May 2: World oil prices dropped more than a dollar on Wednesday after news that US gasoline or petrol stockpiles fell by less than market expectations, traders said.
Gasoline stockpiles are in focus ahead of the peak-demand holiday driving season in the United States, which starts at the end of May. This sees many Americans take to the roads -- putting gasoline supplies under pressure.
In London on Wednesday, the price of Brent North Sea crude for June delivery slumped $1.22 to $65.78 per barrel in electronic deals. New York's main oil futures contract, light sweet crude for delivery in June, tumbled $1.15 to $63.25 per barrel in floor trading.—AFP
