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Oil markets watch Cyclone Gonu |
| Home | (CBC News) - Oil prices climbed modestly higher in Wednesday trading as eyes were focused on a powerful cyclone heading towards the Persian Gulf. On the New York Mercantile Exchange, the price of light, sweet crude for July delivery was up 15 cents US at $65.76 US a barrel. Cyclone Gonu is forecast to make land in southeastern Iran late Wednesday or early Thursday. Rough seas are forecast in the Straits of Hormuz, through which roughly 40 per cent of the world's oil is shipped. |