World oil prices dropped today, reaching three-month low points in New York on easing supply concerns.
New York's main contract, light sweet crude for delivery in December, has fallen to $59.15 a barrel, the lowest level since July 28 and almost 16% below its historic high of $70.85 on August 30.
In London, the price of Brent North Sea crude for December delivery lost 38 cents to $57.53 a barrel in electronic deals.
Analysts said that prices were under pressure from Wednesday's stock data which showed a larger than expected rise in crude stocks and an unexpected rise in petrol. They fell also on signs that Hurricane Wilma will not threaten US oil and natural gas facilities in the Gulf of Mexico, they added.
Crude stocks rose by 5.6 million barrels in the week to October 14, the US Department of Energy said earlier this week. The figure was almost three times higher than analysts' forecasts of a 2 million barrel increase. Petrol reserves meanwhile gained 2.77 million barrels, compared with market predictions of a 1.2-million-barrel decrease.
Prices were subdued also as Hurricane Wilma appeared likely to avoid the main oil producing and refining areas around the US Gulf of Mexico.
