Oil prices fall on eve of stockpiles report

World crude oil prices fell slightly Tuesday on the eve of U.S. weekly stockpiles report, as traders expected higher U.S. crude inventories.

New York's main contract, light sweet crude for delivery in May, dropped 51 cents to 66.23 dollars a barrel.

On London's ICE Futures exchange, the price of Brent North Sea crude for May delivery declined 54 cents to 66.30 dollars a barrel.

On the New York Mercantile Exchange, the heating oil fell 0.64 cents to 1.8558 dollars a gallon as gasoline futures rose 3.23 cents to 1.8955 dollars per gallon. Natural gas futures fell 17.9 cents to 7.065 dollars per 1,000 cubic feet.

World crude oil prices touched two months highs Monday amid worries of supply in Iran and Nigeria.

Venezuelan President Hugo Chavez will ask the Organization of the Petroleum Exporting Countries to set 50 dollars as the long- term level for oil, BBC News reported late Monday. Venezuela will host next OPEC meeting in June.

Traders are still concerned about the possibilities that Iran's oil exports would halt if the United Nations imposes Teheran an international sanction for its nuclear activities.

Meanwhile, about one-fourth of Nigeria's daily output is still shut after a series of militant attacks. Nigeria is Africa's leading oil producer and the fifth-biggest source of U.S. oil imports.

Source: Xinhua