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SINGAPORE - Oil prices slid for a fourth day yesterday on forecasts of higher US refinery production that would ease worries over fuel supplies during peak northern summer demand.
London Brent crude, currently seen as more representative of the world market, shed US41c to US$74.67 a barrel, after tumbling $1.78 on Tuesday. US crude for September traded US39c lower at US$73.17.
US petrol stocks were seen in a Reuters survey of analysts to have risen by 400,000 barrels last week as refinery usage increased sharply. Strong summer demand is likely to have limited the potential for a larger build.
The Brent market's losses from an 11-month high over US$77 last week have stopped a near two-month rally that came on speculative buying.
* Meanwhile, BP's new chief executive, Tony Hayward, has pledged a turnaround at the oil giant as the company posted a drop in second-quarter profits.
Hayward said that rather than make optimistic predictions he would "prefer to concentrate on real delivery".
"My message is simple: BP's current operational performance is not good enough," he said.
The former head of exploration and production took over the helm in May after his predecessor, Lord Browne, resigned because he lied to a court over his relationship with his former partner Jeff Chevalier.
The profit figure was inflated by asset sales, which meant the second quarter included US$741 million ($918.5 million) of one-off items.
Stripping out these items, BP still bettered the US$5.05 billion forecast by some analysts.
- REUTERS, INDEPENDENT
