Oil prices fell to near $75 a barrel Thursday in Asia amid stubbornly high U.S. crude inventory surpluses even after a drawdown of the stockpile last week.

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The oil price has ingratiated itself with the lower price band for some time now closing below $73 a barrel in New York on Friday. There seems to be a melange of reasons at play for the price drop. First on the list- oil and gas prices have been rocked by the uncertainty about the extent of economic recovery.

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No single factor caused the Macondo well tragedy. Rather, a sequence of failures involving a number of different parties led to the explosio and fire which killed 11 people and caused widespread pollution in the Gulf of Mexico earlier this year.

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A mandate letter has been signed today by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), IFC – a member of the World Bank Group -, the shareholders of Nabucco and NABUCCO Gas Pipeline International GmbH.

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Brent oil futures are trading firm at the $76 to $77 price level in Asia today amid a rising US Dollar Index having little downward effect on the contract.

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Russia will begin test operations this week on a new oil pipeline that will start shipping Siberian crude to the Chinese border from Jan. 1, the country’s oil pipeline operator said Friday.

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Russian energy company Lukoil(LKOH.MM) and partners have issued a tender for seismic surveys at Iraq’s West Qurna Phase Two oilfield, according to a statement published on Saturday.

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Oil prices soared beyond 75 dollars per barrel on Friday after US central bank chief Ben Bernanke managed to soothe growth concerns in the world’s largest oil consuming nation.

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Afghanistan, believed to be sitting on top of billions of dollars worth of minerals and energy sources, has extracted oil for the first time and plans to pump a modest 800 barrels a day, officials said on Thursday.

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Oil prices extended gains to near $73 a barrel Thursday in Asia as regional stock markets rose and recent sharp losses in crude drew more buyers.

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