Oil prices in Asia opened the week lower on news of weakening of Hurricane Ernesto in the Caribbean. The weakened storm is unlikely to threaten the Gulf of Mexico's oil production. Light, sweet crude for October delivery dipped by over half a dollar to US$71.91 a barrel in electronic trading on the New York Mercantile Exchange.
World energy markets continue to watch Iran's stand-off with the West over its nuclear program and concerns abound about the possibility that Iran may block oil exports if it suffers sanctions by the United Nations over its nuclear program. Tehran wants to negotiate further on the Aug. 31 deadline set by the U.N.
28-Aug-06 
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