World Crude Oil Prices Surged to Near US $74

New York's main contract, light sweet crude for delivery in June, rose 1.82 dollars to close at 73.70 dollars a barrel. On London's ICE Futures exchange, the price of Brent North Sea crude for June delivery was up 1.87 dollars to finish at 73.89 dollars a barrel.

Traders are concerned about the possibilities that Iran's oil exports would halt if the United Nations imposes an international sanction on Teheran for its nuclear activities.

Also, Bolivian President Evo Morales issued a formal decree to nationalise crude and natural gas resources. The measure is expected to affect about 20 foreign oil companies, including Spain's Repsol, Petrobras of Brazil, Britain's BP and British Gas and French group Total.

Bolivia has the second-highest natural gas reserves in Latin America, behind Venezuela. It has an estimated 54 trillion cubic feet of natural gas reserves.