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Home >> Business
UPDATED: 09:17, June 28, 2006
World oil prices up on U.S. Gulf Coast refinery disruption
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World oil prices rose slightly on Tuesday as traders focused on shipping delays along the Gulf Coast and jitters over Iran.

New York's main contract, light sweet crude for delivery in August, climbed 12 cents to close at 71.92 dollars. In London, Brent crude futures on the ICE Futures exchange climbed 25 cents to settle at 70.98 dollars a barrel.

The U.S. Coast Guard said only limited tug and barge traffic has resumed through the Calcasieu Ship Channel, which had been off limits due to the spread of oil from a spill last week at the Citgo Petroleum Corp facility in Lake Charles, Louisiana.

On Tuesday, Iran's Ayatollah Ali Khamenei said Iran does "not need" talks with the United States over its nuclear program because nothing would be gained, state television reported.

Washington has warned Iran that it could face political and economic sanctions before the UN Security Council if it does not stop its nuclear activities, which the United States and its European allies say is an attempt to produce nuclear weapons. Tehran says the uranium will be used only for a peaceful energy program.

Despite higher gasoline prices, U.S. drivers seem unwilling to curb consumption. Over the past four weeks, U.S. demand has been running 0.9 percent higher than a year ago, the Department of Energy said last week.

Source: Xinhua


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