Oil prices slide as world powers delay UN vote on Iraq 

www.channelnewsasia.com First created : 14 March 2003 0831 hrs (SST) 0031 hrs (GMT) Last modified : 14 March 2003 0831 hrs (SST) 0031 hrs (GMT)

World oil prices slumped on Thursday as the twisted road to war in Iraq appeared to lengthen, warm weather approached and Venezuela pumped more crude.

In New York, the reference light sweet crude contract for April delivery skidded US$1.82 to US$36.01 a barrel.Advertisement

In London, the price of Brent North Sea crude oil for April delivery slid US$1.44 to US$32.47 a barrel.

Traders said wrangling at the United Nations had further delayed a vote on a new resolution that could pave the way to war with Iraq.

They added that US President George W Bush had run in a diplomatic tangle in the UN Security Council.

The US, looking for a way around French, Russian or Chinese vetoes, said it could allow a UN Security Council vote on war against Iraq to slip into next week or even forgo the vote altogether.

Expectations of lower fuel demand as spring approached in the northern hemisphere also weighed on prices.

News that Venezuela had recovered from strike action to push production up to 2.95 million barrels a day depressed prices.

On Tuesday, oil ministers of members of the Organisation of Petroleum Exporting Countries agreed to maintain current production quotas but pledged to avert shortfalls in the event of war.