August 23, 2006	Wednesday	Rajab 27, 1427

LONDON, Aug 22: Crude oil futures were little changed on Tuesday as traders weighed up Iran’s response to a deal aimed at ending its nuclear standoff with the international community.

In London, Brent North Sea crude for October delivery gained seven cents to $73.31 per barrel in electronic deals.

New York’s main contract, light sweet crude for delivery in September, dipped five cents to $72.40 per barrel in pit trading. The contract expired on Tuesday.

“Conflict over Iran’s nuclear enrichment programme is lending strong support” to prices, Barclays Capital analyst Kevin Norrish said.

Crude futures have rebounded by about $3 since nearing two-month lows last Friday.

“The rise reflects concerns that Iran will reject a UN sponsored offer of assistance if it suspends its nuclear programme,” analysts at Dutch bank ABN Amro said.

“The market concern is over the supply of Iranian oil and the possible disruption in the Middle East,” said Mark Pervan, an energy analyst with Daiwa Securities based in Melbourne.

Iran is the fourth-largest producer of crude in the world, pumping about 4.0 million barrels of oil per day, of which around 2.7 million barrels are exported.—AFP