August 19, 2006	Saturday	Rajab 23, 1427

LONDON, Aug 18: Crude prices rose on Friday, despite ducking under $70 in New York, as traders switched their focus to the nuclear energy crisis in Iran.

New York's main contract, light sweet crude for delivery in September, fell to $69.60 per barrel in pit trading -- marking the lowest level since June 21.

The contract later stood at $70.35, marking an increase of 29 cents from Thursday's close.

In London on Friday, Brent North Sea crude for October delivery advanced 29 cents to $71.95 per barrel in electronic trade.

Prices fell beneath $70 in a “continued reaction to the signs of an economic slowdown in the United States,” said Societe Generale analyst Deborah White.

It emerged on Friday that the US University of Michigan consumer sentiment index fell unexpectedly in August.

Crude futures saw steep losses this week after a series of US economic data confirmed a slowdown in the American economy.

That dampens prospects for crude demand because the US is the biggest consumer of energy in the world.

The second biggest energy consumer, China, also rattled the market on Friday when it hiked interest rates.

The news “highlighted the fact that China was attempting to slowdown its economy”, which could impact on global oil demand, White added.

However, crude futures remained supported on Friday by the Iranian nuclear energy crisis.

Iran, the world's fourth biggest crude oil producer, has until August 31 to halt its uranium enrichment programme or face the threat of UN sanctions.—AFP