Oil prices fall further

LONDON: World oil prices extended losses on Thursday as worries eased over falling stocks of US motor fuel, but concerns remained over major crude producer Iran on the eve of a UN deadline for it to freeze its nuclear programme, dealers said.

New York's main contract, light sweet crude for delivery in June, fell 78 cents to 71.15 dollars per barrel in pit trading.

In London, the price of Brent North Sea crude for June delivery lost 85 cents to 71.24 dollars per barrel in electronic deals.

Crude futures had ended more than a dollar lower in London yesterday after the US Department of Energy (DoE) said gasoline, or petrol, reserves; fell by 1.9 million barrels to 200.6 million in the week ending April 21. The fall was below analysts' forecasts for a drop of 3.0 million barrels.

 The DoE added that crude stocks fell by 200,000 barrels to 345 million -- three times lower than the 600,000-barrel decline forecast by market watchers.