World oil prices paused within sight of the 120-dollar level on Thursday after a mixed report on US energy stockpiles.
New York's main oil futures contract, light sweet crude for delivery in June, slipped 21 cents to 118.09 dollars per barrel.
The benchmark contract closed at 118.30 dollars on Wednesday at the New York Mercantile Exchange.
The May contract struck a record high of 119.90 dollars before expiring on Tuesday.
London's Brent North Sea crude for June delivery rose 51 cents to settle at 116.46 dollars on Wednesday, a day after hitting an intraday peak of 116.75 dollars.
The US government's Energy Information Administration (EIA) said Wednesday that American gasoline or petrol reserves sank by 3.2 million barrels in the week ending April 18.
That was steeper than analysts' consensus forecasts for a drop of 2.0 million barrels.
Traders are focused on gasoline supplies ahead of the peak demand season that starts in May when many Americans take to their cars for summer holidays.
The EIA added that crude oil stockpiles grew by 2.4 million barrels. That was better than market expectations for a gain of 1.5 million.
A weakening US dollar, supply worries and the OPEC cartel's reluctance to increase output contributed to a surge that saw oil prices break a series of records over the past several days.
International concern has mounted over the soaring prices.
Phil Flynn at Alaron Trading said traders hesitated after futures failed to break through the symbolic level of 120 dollars a barrel, easing some fervour. |
