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Oil prices surge above 74 dollars
Latest Updated by 2006-05-04 09:21:27
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World crude oil prices surged above 74 dollars Tuesday amid continued worries over the Iranian nuclear issue.

New York's main contract, light sweet crude for delivery in June, rose 91 cents to end at 74.61 dollars a barrel.

On London's ICE Futures exchange, the price of Brent North Sea crude for June delivery was up 75 cents to finish at 74.64 dollars a barrel, after hitting a new high of 74.97 dollars.

U.S. Energy Department will released its weekly report on oil inventories Wednesday. Most analysts predict that gasoline stocks declined for the ninth straight week, according to a Dow Jones Newswires survey.

Traders are still concerned about a possible halt in Iran's oil exports if the United Nations imposes an international sanction on Teheran for its nuclear activities.

Iranian top envoy Seyyed Ali Moujani said on Tuesday that Iran has no specific expectations from the Paris meeting of the five permanent UN Security Council members and Germany.

Editor: Yan

By: Source: China View website
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