World crude oil prices retreated Tuesday on the eve of U.S. energy stocks weekly report, as U.S. President George Bush ordered a temporary stop of strategic oil reserve increase.

New York's main contract, light sweet crude for delivery in June, fell 45 cents to 72.88 dollars a barrel.

On London's ICE Futures exchange, the price of Brent North Sea crude for June delivery rose 21 cents to close at 73.21 dollars.

U.S. President George W. Bush ordered on Tuesday a temporary halt to any increases of the strategic petroleum reserve in a bid to lower soaring gasoline prices in the country.

Bush said the U.S. strategic petroleum reserve had enough fuel to guard against any major supply disruption over the next few months.

At present, the U.S. government's strategic petroleum reserve totaled about 700 million barrels.

Traders are still concerned about the possibilities that Iran's oil exports would halt if the United Nations imposes an international sanction on Teheran for its nuclear activities.

Iran's hardline President Mahmoud Ahmadinejad said on Monday that his country would "reconsider" its cooperation with the UN atomic agency if western countries continue to prevent Iran from obtaining nuclear technologies.

The U.S. Energy Department will released its weekly report on oil inventories Wednesday.

Source: Xinhua