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SEOUL - Oil prices fell for a third day yesterday on expectations of rising fuel stockpiles in the United States and after Opec vowed to pump more crude if needed.
London Brent crude, seen as more representative of the world market, slid US18c to US$76.68 a barrel, after falling US78c on Monday. US crude eased US24c to US$74.65 after a US90c slide on Monday.
Industry analysts are expecting US crude stocks to have dropped last week as refinery usage increased sharply, with refiners ramping up production to offset worries over summer fuel. Distillate fuel stocks are seen rising 800,000 barrels and petrol by 300,000 barrels in US Energy Information Administration data due today after a fall in petrol stocks the previous week.
"The market was instantly down and is being pressured as US refiners are expected to increase refinery usage," said a Korea National Oil Corp analyst.
Opec president Mohammed al-Hamli said on Sunday the cartel was willing to produce more oil if needed and he was concerned high oil prices might hurt the world economy.
Brent hit US$78.40 last week, just off its all-time high of US$78.65 last August.
- REUTERS
