Special Report:
Oil prices rally above 70
dollars amid worries over Iran
NEW YORK, May 22 (Xinhua) -- World crude oil prices
rose above 69 dollars Monday on the concern over an active hurricanes season.
New York's main contract, light sweet crude for
delivery in June, rose 70 cents to close at 69.23 dollars a barrel, after
hitting lowest in nearly seven week.
In London, Brent North Sea crude for July delivery
added 67 cents to 69.35 dollars a barrel.
U.S. National Weather Service said Monday the
six-month Atlantic hurricane season, which starts on June 1, is unlikely to
reach the records set last year, when there were 28 tropical storms, 15 of which
strengthened into hurricanes.
"It is statistically within reason to assume that two
to four hurricanes could affect the United States," said Vice Admiral Conrad
Lautenbacher, who heads the Administrator of the National Oceanographic
Administration, according to AFP news.
Traders are still concerned about the possibilities
that Iran's oil exports would halt if the United Nations imposes an
international sanction on Teheran for its nuclear activities.
Iranian Foreign Ministry spokesman Hamid-Reza Asefi
reiterated on Sunday that Teheran would not suspend uranium enrichment despite
the European Union plans to offer incentives to there public in exchange for a
halt to the sensitive nuclear work. Enditem