World crude oil prices retreated Tuesday on the eve of U.S. energy stocks weekly report
World crude oil prices retreated Tuesday on the eve of U.S. energy stocks weekly report, as U.S. President George Bush ordered a temporary stop of strategic oil reserve increase.
New York's light sweet crude for delivery in June, leapt back 45 cents to $72.88 a barrel.
In London Brent North Sea crude for June delivery rose 21 cents to close at $73.21 a barrel.
U.S. President George W. Bush ordered on Tuesday a temporary halt to any increases of the strategic petroleum reserve in a bid to lower soaring gasoline prices in the country.
Traders are still concerned about the possibilities that Iran'soil exports would halt if the United Nations imposes an international sanction on Teheran for its nuclear activities.
Iran's hardline President Mahmoud Ahmadinejad said on Monday that his country would "reconsider" its cooperation with the UN atomic agency if western countries continue to prevent Iran from obtaining nuclear technologies.
The U.S. Energy Department will released its weekly report on oil inventories Wednesday