World oil prices hit record US$76 yesterday amid concerns over
situations in the Middle East.
New York's main contract, light sweet crude for delivery in
August, rose by US$1.75 to close at US$76.70 a barrel, after
hitting intraday US$76.85.
In London, Brent North Sea crude for August delivery surged by
US$2.30 to close at US$76.69 a barrel, after striking US$76.95 in
intraday trade.
Israel imposed an air and sea blockade on Lebanon on Thursday
following the cross-border raid by Hezbollah guerrillas who
captured two Israeli soldiers.
Traders are still concerned about the possibilities that Iran's
oil exports would halt if the UN imposes an international sanction
on Teheran for its nuclear activities. Iran is OPEC's No.2 producer
behind Saudi Arabia, producing 4 million bpd of oil and exporting
2.4 million bpd.
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 US oil
imports.
The US Energy Department reported Wednesday that crude oil
reserves fell by 6 million barrels to 335.3 million, compared with
a forecast drop of just 1.3 million barrels.
(Xinhua News Agency July 14, 2006)
