Oman Cyclone Gonu 9AM Gulf Time

Latest Update

June 5 (Bloomberg)

Crude oil was little changed near a two- week high in New York after risingyesterday on risks to supplies from the Middle East and Nigeria.

Tropical Cyclone Gonu is heading northwest at 15 kilometers per hour on a path U.S. Navy forecasters expect will take it across the Gulf of Oman, an important shipping lane for oil supplies from the Gulf. Brent crude oil climbed as high as $70.63 a barrel yesterday on the risk to tankers operating in the Gulf and the threat of further strikes in Nigeria, Africa's biggest producer.

``The impact of the cyclone is lifting Brent and the New York price is responding to it,'' said Victor Shum, senior principal at Purvin & Gertz Inc. in Singapore. ``If the Nigerian situation amounts to any real disruption, further increasing the present disruptions, then it will affect Brent more.''

The contract rose $1.13, or 1.7 percent, to $66.21 yesterday, the highest close since May 21. Futures touched $66.48, the highest intraday price since April 30.

Gonu, earlier given the maximum rating of a Category Five storm on the Saffir-SimpsonHurricane Scale, weakened slightly into a Category Four storm with winds of 249 kilometers per hour (155 miles per hour) toward the Gulf of Oman, the Navy said.