Wednesday, April 26 2006 12:14 Hrs (IST) - World Time -

Singapore: Oil prices were mixed in Asian trade today (Apr 26, 2006) as the market responded to US President George W Bush's decision to halt deliveries to the US strategic reserves for the time being, dealers said.

Prices were racing towards record highs on geopolitical tensions in Iran and Nigeria, two key suppliers of crude to the international community, until Bush announced new measures to halt the sharp run-up in petroleum prices, they said.

At 1:50 pm (1110 IST), New York's main contract, light sweet crude for delivery in June, was down 12 cents to 72.76 dollars a barrel from 72.88 dollars in the United States yesterday.

The June contract had hit a high of 75.35 dollars in Asian trade Monday to match the all-time intraday high set on Friday.

Bush's announcement had most impact on the US-based benchmark given its focus on US petrol prices and Brent North Sea Crude for June delivery was nine cents higher at 73.30 dollars after 73.21 dollars in London.

"What Bush said was very important because prior to his speech, prices were rising on comments from Iran," said Dariusz Kowalczyk, senior investment strategist with Hong Kong-based CFC Seymour Securities.

Bush yesterday announced measure to combat rising fuel prices including the temporary suspension of deliveries into the Strategic Petroleum Reserve.

Among the measures, he ordered an investigation into record-high fuel prices across the United States amid concerns that unscrupulous suppliers might be gouging US consumers.