New York's main contract, light sweet crude for delivery in July, stabilized at US$71.50 per barrel in pit trade and in London, Brent North Sea crude for July delivery stood at US$70.68 per barrel in electronic deals. World oil prices stabilized as the United States geared up for the start of its driving season, when demand for motor fuel hits a peak as Americans. Figures released by the US government robust showed robust supplies of gasoline heading into the annual summer driving season.
Oil prices are also being supported by tensions over Iran’s nuclear program, which it insists is strictly for civilian energy production, but the West suspects Tehran is planning to build nuclear weapons. Fear abounds that Iran could halt exports in the event of the United Nations imposing sanctions on the Islamic republic. Forecasts of a potentially active Atlantic hurricane season is also keeping prices firm.
29-May-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}