New York's main contract, light sweet crude for delivery in June, surged by 1.44 dollars to close at US$72.13 a barrel. Despite an improvement in U.S. energy stocks, world crude oil prices surged amid worries over Iran and Nigeria. Brent North Sea crude for June delivery on London's ICE Futures exchange spiked to US$72.44 a barrel.
Data released by the Energy Department revealed that inventories of U.S. commercial crude oil and gasoline rose by 300,000 barrels to 347 million barrels, standing 5% above year-ago levels. Gasoline stockpiles rose by 2.4 million - 3.8% below year-ago levels. Foreign ministers of the United Nations Security Council's five permanent member states plus Germany met in New York to map out a common strategy to force Iran to halt its uranium enrichment activities. But the meeting failed to reach an agreement. An executive of the U.S. oil service company Baker Hughes was killed in a targeted attack in Nigeria's Port Harcourt indicating that violence continues to persist in Nigeria.
11-May-06 
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