News on stockpiles eases oil price

OIL eased yesterday after data showed US petrol stockpiles had not drained as much as expected after Hurricane Katrina, but dealers feared the worst was yet to come.

US light crude was off 12 cents at $64.25 a barrel during the day, after earlier dropping more than $1 to $63.10. The market has fallen 9% from a record $70.85 last week, after industrialised nations began to tap emergency reserves.

London Brent crude was off 16 cents at $62.73.