September 06, 2006	Wednesday	Sha'aban 12, 1427

LONDON, Sept 5: World oil prices had mixed fortunes on Tuesday when trading was resumed in New York crude.

New York’s main contract, light sweet crude for delivery in October, tumbled 74 cents to $68.45 per barrel in pit trading.

In London, Brent North Sea crude for October delivery gained 54 cents to $68.25 per barrel in electronic trade.New York’s losses mirrored heavy falls for Brent on Monday, which were caused by easing supply concerns. Trading in New York was closed on Monday owing to the Labour Day public holiday in the United States.

Earlier on Tuesday, the price of New York crude fell to $67.77 -- the lowest point since May 22. It has plunged more than $10, or 14 per cent, since striking an all-time high of $78.40 in mid-July.

Brent fell to $67.42 early on Tuesday, a level last struck on June 19.

Crude futures have been falling heavily on speculative selling owing to absence of a severe hurricane threat and on expectations that major crude exporter Iran would not soon face economic sanctions, according to energy analysts.

“A lot of the bullish factors seemed to have disappeared or eased, which has added to the price fall,” said Tony Nunan, the Tokyo-based energy risk manager for Mitsubishi Corp.

Oil analyst Nunan said the mild hurricane season in the Atlantic Ocean also contributed to the recent price falls because it eases the threat to US oil production facilities in the Gulf of Mexico.—AFP