Wednesday, August 23 2006 11:14 Hrs (IST) - World Time -

New York: Crude oil futures were little changed as traders weighed up Iran's response to a deal aimed at ending its nuclear standoff with the international community.

New York's main contract, light sweet crude for delivery in September, rose 18 cents to close at 72.63 dollars a barrel. The contract expired yesterday (Aug 22, 2006).

In London, Brent North Sea crude for October delivery lost 14 cents to 73.24 dollars a barrel.

Iran called for talks yesterday as it delivered its response to a deal aimed at ending the dispute over its nuclear programme, but did not say whether it had met the demands of the United Nations Security Council.

The United States said it would study Iran's response carefully, but stressed it would move ahead in seeking UN enforcement if Tehran does not suspend uranium enrichment, as demanded by the Security Council, by August 31.

"There is little doubt Iran will continue to enrich uranium. Yesterday (Monday) Iran's supreme leader Ayatollah (Ali) Khamenei said that very thing," AG Edwards analyst Bill O'Grady said.

"What we are watching for is the tone of the response," he said.

Crude futures have rebounded by about three dollars 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 program," analysts at Dutch bank ABN Amro said.