Oil price falls as Opec boosts production
AFP, New York
World oil prices slipped Tuesday as an anticipated boost in Opec output helped traders to quickly put aside concerns over a sabotage attack on a key Iraqi pipeline. New York's benchmark contract, light sweet crude for delivery in July, dropped 40 cents to 37.19 dollars a barrel. Brent North Sea crude for July fell 20 cents to 35.29 dollars. "There is a continued focus on Opec increases," said PFC Energy market analyst Jamal Qureshi. Swiss consultancy firm Petrologistics, which tracks shipments from oil producers, estimated that Opec was producing 29.7 million barrels per day in June, an increase of 1.2 million bpd on May. Traders also expected a weekly snapshot of US commercial crude inventories, due Wednesday, to show an increase. The prospect of ample energy supplies offset concerns over the security of the Middle East oil industry. A pipeline blast near the southern Iraqi port city of Basra shut down the country's two main oil terminals, virtually halting the country's petroleum exports, Basra's harbour master told AFP.
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