May 17, 2006	Wednesday	Rabi-us-Sani 18, 1427

LONDON, May 16: World oil prices rebounded slightly on Tuesday, after shedding over two and a half dollars the previous day, as traders seized on supply concerns over key crude producers Iran and Nigeria.

New York’s main contract, light sweet crude for delivery in June, rose 89 cents to $70.30 per barrel in pit trading.

In London, Brent North Sea crude for June delivery added 56 cents to $70.23 per barrel in electronic deals. The contract expires at the close.

“After two days of aggressive selling, prices have stabilised and have moved up a bit,” Fimat analyst Mike Fitzpatrick said on Tuesday.

On Monday, Brent had closed down $2.65 and New York’s main contract dived $2.63 per barrel, as expectations of weakening energy demands had eased supply concerns related to Iran.

However, Fitzpatrick added that “the bigger picture” remained the same.—AFP