Concerns that Iran could cut supplies due to international pressure to modify its nuclear program has spiraled oil prices towards US$75 a barrel. Light, sweet crude for June delivery rose to US$74.87 a barrel in electronic trading on the New York Mercantile Exchange. In London, Brent crude for June inched to US$74.64 a barrel on the ICE futures exchange.
Energy futures are expected to remain high due to Iran's nuclear program, supplies being cut off due to rebel attacks in Nigeria and tight U.S. gasoline supplies as the country moves into its peak driving season. In the energy data to be released, analysts expect a decline in gasoline stocks for the ninth straight week
Crude oil prices are about 40% higher than a year ago, and are likely to touch US$100 a barrel by this winter as demand outpaces supply. The United States, Britain and France plan to introduce a new Security Council resolution this week that would make Iran's compliance with their demands mandatory, and enforceable through sanctions or military action.
03-May-06 
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