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www.chinaview.cn 2006-05-23 07:33:37

    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

Editor: Lin Li
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