Oil prices slip below $58
 3rd NOV 2006

World oil prices have dropped as the market digested the supply outlook in the United States, the world’s biggest consumer of energy.
Traders shrugged off the kidnapping in Nigeria of an American and a Briton working for Norwegian oil services firm Petroleum Geo-Services.

New York’s main contract, light sweet crude for delivery in December, lost 82 cents to 57.89 dollars per barrel in pit trading Thursday.

In London, Brent North Sea crude for December delivery shed 83 cents to 58.15 dollars per barrel in electronic trading.

A US government report published on Wednesday showed that US crude oil stockpiles rose last week but reserves of refined products fell.

It came amid forecasts of warm weather conditions in the northern hemisphere, dampening demand for heating oil.

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