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Home >> Business
UPDATED: 08:24, May 26, 2006
Oil prices surge above 71 dollars
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World crude oil prices surged above 71 dollars Thursday amid concerns over a coming active hurricane season.

New York's main contract, light sweet crude for delivery in July, rose 1.46 dollars to close at 71.32 dollars a barrel.

In London, Brent North Sea crude for July delivery added 1.49 dollars to 70.71 dollars a barrel.

U.S. National Weather Service said Monday the six-month Atlantic hurricane season, which starts in June and end in November, is "very active".

Traders are still concerned about Iran's nuclear standoff with the international community.

Both the European Union and Russia stand for a diplomatic solution to the dispute over Iran's nuclear program, Austrian Chancellor Wolfgang Schussel, whose country currently holds the rotating EU presidency, said on Thursday.

U.S. commercial crude oil inventories fell over the past week but gasoline reserves increased, the Energy Department reported Wednesday in its weekly survey.

Source: Xinhua


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