World crude oil prices fell below 69 dollars Wednesday on improved gasoline stocks.

New York's main contract, light sweet crude for delivery in June, fell 84 cents to close at 68.69 dollars a barrel.

On London's ICE Futures exchange, the price of Brent North Sea crude for June delivery lost 1.04 dollars to settle at 69.04 dollars a barrel.

The Department of Energy said Wednesday that gasoline stocks grew for the third straight week by 1.3 million barrels last week to 206.4 million barrels.

Crude oil inventories slipped by 100,000 barrels last week to 346.9 million barrels, or 4.7 percent higher than last year, and distillate fuel stocks also fell by 100,000 barrels to 114.6 million barrels, or 7 percent higher than last year.

Traders are still concerned about Iran's nuclear standoff with the international community and a possible halt in Tehran's oil export in the event of a UN sanction.

Iranian President Mahmoud Ahmadinejad said on Wednesday that Iran would reject a deal with the European Union which plans to offer incentives in exchange for Iran's halting uranium enrichment.

He also said that Tehran would categorically reject international demands for Tehran to return to a suspension of sensitive uranium enrichment work.

Source: Xinhua