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Oil prices rise above 71 US dollars
Latest Updated by 2006-04-20 10:02:00

World crude oil prices closed with record highs above 71 dollars on the eve of U.S. energy stocks weekly report Tuesday (Apr 18), amid worries of supply in Iran and Nigeria.

New York's main contract, light sweet crude for delivery in May, added 93 cents to close at 71.35 dollars a barrel, its highest closing price since 1983, after touching intra-day high of 71.60 dollars, the highest price since 1983.

On London's ICE Futures exchange, the price of Brent North Sea crude for June delivery climbed 1.05 dollars to 72.51 dollars a barrel, its record high since 1988.

The Organization of Petroleum downgraded the world demand-growth forecast for 2006 to 1.42 million barrels a day, down from 1.46 million barrels per day in the previous report Tuesday in its latest monthly report.

Traders are still concerned about the possibilities that Iran's oil exports would halt if the United Nations imposes Teheran an international sanction for its nuclear activities.

Iran vowed on Monday to keep on enriching uranium despite international demand that it freeze its controversial nuclear program, the official IRNA news agency reported.

Meanwhile, about one-fourth of Nigeria's daily output is still shut after a series of militant attacks. Nigeria is Africa's leading oil producer and the fifth-biggest source of U.S. oil imports.

U.S. Energy Department will be released its weekly report on oil inventories Wednesday.

Editor: Wing

By: Source:China View website
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