Oil prices dip to ten week low
New York: World oil prices retreated to a 10-week low, in expectation of a rise in US crude stocks, dealers said.

New York's main contract, light sweet crude for delivery in June, tumbled 1.42 dollars to close at 49.50 dollars per barrel, it lowest finish since February 18. Yesterday, the contract had gone up 1.20 dollars. In London, the price of Brent North Sea crude oil for delivery in June lost 57 cents to end at $50.52.

Analysts forecast oil prices would ease further in the weeks ahead because of high supply, but said they would regain $50 over the summer when US drivers take to the roads for annual holidays. The US Department of Energy's latest inventories report showed a larger-than-expected rise in crude oil stockpiles to 324.4 million barrels for the week ended April 22.
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Asian automakers gain as GM and Ford sales slip
Detroit: Asia's top automakers have reported double-digit US sales gains in April, further eroding the market share of US leaders General Motors Corp. and Ford Motor Co.

GM and Ford both yesterday reported lower sales last month as demand for SUVs and other light trucks, which generate some of the highest profit margins, slipped against a backdrop of higher gas prices.

DaimlerChrysler AG's Chrysler Group, the smallest of Detroit's Big Three, stood its ground, however, thanks to brisk sales of minivans and pickups.

Overall, US vehicles sales were up. The seasonally adjusted annual sales rate for April was 17.46 million units, up from 16.62 million units the year before, according to research firm Autodata Corp. Full-year sales for 2004 were about 17 million.

GM, the world's biggest automaker, said its total vehicle sales fell 7.7 per cent. A 17.2 per cent reduction in truck sales was offset by a 7.9 per cent increase in car sales. No. 2 Ford said its sales fell 5.1 percent in April- its 11th consecutive month of year-over-year sales decreases.
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