LONDON, April 19: World oil prices rose on Thursday in London on geopolitical worries over key crude producer Iran but fell in New York as American refineries ramped up their production of motor fuel, traders said.
The price of London’s Brent North Sea crude for June delivery gained 22 cents to $66.26 per barrel in electronic deals.
New York’s main oil futures contract, light sweet crude for delivery in May, sank $1.40 to $61.73 per barrel in floor trading.
In London, “crude futures were higher today ... on concerns about Iran,” Sucden analyst Michael Davies said.
The UN atomic watchdog said late Wednesday that Iran, the world's fourth-biggest crude producer, had started feeding uranium gas for enrichment at a nuclear plant where it has installed over 1,300 centrifuges.
Pushed by fears Iran is secretly developing nuclear weapons, the UN Security Council has already imposed sanctions on Iran for failing to halt uranium enrichment.
Also on Wednesday, Iran refused to rule out using oil as a weapon if the standoff with the West over its nuclear programme intensified, saying the Islamic Republic would use every means if attacked.
However, New York prices fell heavily on Thursday after news that refineries had picked up gasoline production last week at the end of the maintenance season.
This offset data published on Wednesday by the US Department of Energy (DoE) that showed US gasoline reserves fell 2.7 million barrels last week, the 10th consecutive decline and heavier than forecasts for a drop of 1.9 million.—AFP
