February 14, 2006	Tuesday	Muharram 15, 1427

LONDON, Feb 13: World oil prices eased on Monday before a meeting in Moscow on Iran’s nuclear programme later in the week. New York’s main contract, light sweet crude for delivery in March, gave up 14 cents to $61.70 per barrel in pit deals.

In London, the price of Brent North Sea crude for March delivery edged down by four cents to $59.68 per barrel in electronic trade after earlier hitting $59.10 — the lowest level since January 3.

“Despite record snowstorms in the US northeast over the weekend, oil prices continue to look soft” as traders focused on falling gasoline prices, noted Barclays Capital analyst Kevin Norrish.

Road, rail and air systems across the US northeast — the world’s largest consumer region of heating fuel — struggled back to life on Monday after a massive blizzard dumped record snowfall on New York.

Severe weather was expected to continue this week and as a result, US heating oil demand was expected to rise strongly, analysts said. Meanwhile, Russia awaited an Iranian delegation for talks on Thursday aimed at resolving a standoff over the country’s nuclear programme, Deputy Foreign Minister Sergei Kislyak said in reaction to reports of a delay from Tehran.

New York crude futures had topped $66.0 per barrel a week ago after the International Atomic Energy Agency voted to refer Iran to the UN Security Council over its controversial nuclear programme.—AFP