Oil prices dipped on Wednesday, after spiking to record levels near $120, as traders digested a mixed report on US stockpiles amid mounting international concern over soaring energy costs. New York's main oil futures contract, light sweet crude for delivery in June, shed 47 cents to $117.60 a barrel. The May contract had struck a record high $119.90 before expiring on Tuesday. London's Brent North Sea crude for June delivery lost 25 cents to reach $115.70 on Wednesday, after hitting a lifetime peak of $116.75 on Tuesday. The US government's Energy Information Administration said Wednesday that American gasoline or petrol reserves sank by 3.2 million barrels in the week ending April 18. That was heavier than analysts' consensus forecasts for a drop of 2.0 million. Traders focus on gasoline supplies ahead of the peak demand season that starts in May when many Americans take to their cars for their summer holidays. However, the EIA added that crude oil stockpiles grew by 2.4 million barrels. That was better than market expectations for a gain of 1.5 million. “The build in crude was a little higher and the draws in the products were somewhat greater than anticipated,” said Citigroup analyst Tim Evans. Prices had scaled historic heights on Tuesday as an attack on crude pipelines in Nigeria further tightened global energy supplies. __
