Global oil price slides before long weekend

The world oil market dipped Friday after rallying on the back of the first drop in US stockpiles for six months as well as a weaker dollar.

Brent North Sea crude for June delivery lost 42 cents to stand at $66.36 a barrel in London. US benchmark West Texas Intermediate for delivery in June shed 11 cents to $59.52 a barrel. However, trading was quiet with most Asian markets closed for public holidays, and many European players also away for a long May Day weekend.

Prices had rallied Thursday on data suggesting the US crude glut is easing as the dollar weakened against the euro. Both contracts rose by about a fifth through April owing to several factors, including concerns about unrest in Yemen, the weakening dollar and fewer US rigs in operation to produce the black gold. However, prices remain well down after plunging almost 60 percent between June and January on the back of a global supply glut and ramped up production. - AFP