June 06, 2007	Wednesday	Jamadi-ul-Awwal 20, 1428

LONDON, June 5: World oil prices eased in New York but firmed in London on Tuesday, as a rogue cyclone in the Middle East was forecast to spare major crude producing nations in the region, analysts said.

Brent North Sea crude for July delivery gained 11 cents to 70.51 dollars per barrel in electronic deals.

New York's main oil futures contract, light sweet crude for delivery in July, fell 20 cents to 66.01 dollars per barrel in floor trading.

“Crude futures were almost unchanged (on Tuesday), stalling after strong gains on Monday on the back of concerns about a cyclone on the Arabian Peninsula,” said Michael Davies, an analyst at the Sucden brokerage in London.

“Concerns have eased slightly as forecasters do not expect the storm to hit other major oil producing areas including Saudi Arabia and the United Arab Emirates,” he added.

Crude futures had won more than a dollar on Monday also amid persistent concerns about tight motor fuel supplies in the United States, traders said.

A cyclone packing huge winds of up to 260 kilometres an hour advanced towards the Gulf state of Oman on Tuesday, posing a potential threat to the key route for oil exports from the energy-rich region. Oman, a minor oil producer, has evacuated about 7,000 people from coastal areas in the sultanate, where the weather service said Cyclone Gonu was expected to make landfall within 24 hours.—AFP