Thursday, June 7, 2007

Crude Oil Gives Up Gains as Weakening Cyclone Gonu Misses Omani Oil Fields

(Bloomberg) -- Crude oil traded below $66 a barrel in
New York as Tropical Cyclone Gonu missed oil rigs and fields in the
Middle East, causing only some disruption to shipping.

Gonu battered southern Iran early today after hitting the
eastern coast of Oman yesterday, closing all its seaports and oil-
export terminals two days ago and causing the country to suspended
oil and gas exports. Ships continued to pass through the Strait of
Hormuz, a waterway between Iran and Oman at the mouth of the
Persian Gulf, the Associated Press reported.


Read more at Bloomberg Energy News

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