Saturday, August 19 2006 11:17 Hrs (IST) - World Time -

London: Crude prices rose today (Aug 19, 2006), despite ducking under 70 dollars in New York, as traders switched their focus to the nuclear energy crisis in Iran.

At 1415 GMT, New York's main contract, light sweet crude for delivery in September, fell to 69.60 dollars per barrel in pit trading marking the lowest level since June 21.

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

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

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

It emerged today 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.