LONDON, July 11: World oil prices eased back from recent highs on Wednesday on news that US gasoline, or petrol, reserves surged higher than expected last week. Crude futures had climbed on Tuesday to their highest peaks for around 11 months as traders fretted over persistent unrest in Nigeria, Africa’s biggest producer, as well as tight US gasoline supplies.

But in London on Wednesday, Brent North Sea crude for August delivery shed 49 cents to $75.91 per barrel in electronic deals.

New York’s main oil futures contract, light sweet crude for delivery in August, slid 11 cents to $72.70 per barrel in pit trading.

Despite high prices, Opec Secretary General Abdullah al-Badri said on Wednesday that the Organisation of Petroleum Exporting Countries would not boost output to ease pressure.

The US Department of Energy announced on Wednesday that American crude oil inventories fell by 1.4m barrels in the week ending July 6, which was more than the market expectation.

However, US gasoline reserves climbed by 1.2 million barrels, comfortably beating analysts’ consensus forecasts for a gain of 825,000 barrels.

“Gasoline stocks are getting closer to normal, but we’re not there yet,” said Man Financial trader Andy Lebow.

“If they continue to build over the next few weeks we will be at that normal level of inventory.”

Traders are focused on gasoline reserves because they are under intense pressure as Americans hit the roads for vacations during what is widely known as the US driving season.

On Tuesday, London Brent hit $76.63, an 11-month high last seen on August 10, 2006, while New York crude struck $73.08, the highest level since August 25 last year.

But high oil prices are not a result of insufficient Opec production, Secretary General Abdullah al-Badri said on Wednesday.

Badri said in a statement that “current high oil prices are not in any way related to crude supplies,” but were the result of geopolitical tensions, inadequate refining capacity and market speculation.

The head of the International Energy Agency, Claude Mandil, had suggested on Tuesday that Opec might discreetly raise production to soften oil price rises.

The 12-member Opec cartel, which pumps more than a third of the world’s oil production, has scheduled its next output meeting on September 11 in Vienna.—AFP