Oil dropped almost 0.6 % in London trading today

Wednesday, 13 April 2011 03:04

Oil dropped almost 0.6 % in London trading today as Libyan rebels said they would accept an agreement for leader Muammar Qaddafi to relinquish power. Also the American Petroleum Institute reported U.S. crude stockpiles rose 1.19 million barrels to 355.5 million last week.

Brent oil declined as much as 72 cents to $120.20 a barrel for May settlement on the London based ICE Futures Europe exchange down from $121.16 this morning. Yesterday the contract declined $3.06 or 2.5 % to settle at $120.92 the lowest since April 1.

Crude oil for May delivery fell as much as 88 cents to $105.37 a barrel on the New York Mercantile Exchange, and was at $106.40 a barrel. Yesterday, the contract fell $3.67 to $106.25, the lowest close since March 30.

Brent traded at a premium of $14.76 a barrel compared with $14.67 yesterday.