World oil prices fell yesterday as Washington started to release emergency oil reserves, easing US consumer anxiety over a winter fuel crunch.
London Brent crude futures slipped 63 cents a barrel to $29.89 by the close of the trading session, taking losses over the past two days to about $1.15. US light crude oil futures fell 90 cents to $30.53 a barrel.
Oil prices tumbled after Washington announced on Wednesday it had quickly found willing buyers for the entire 30 million barrels of crude oil on offer from the Strategic Petroleum Reserve.
Prior to the release of the list of takers, oil dealers had suspected there was early interest in only half that volume.
Dealers are also keeping a close eye on developments among European Union member-states whose leaders next week will discuss the possible release of some EU reserves.
OPEC secretary-general Mr Rilwanu Lukman reiterated yesterday that the group would hike output if the cartel's basket price held over $28 a barrel for 20 working days.
