Oil prices held steady today as the first tropical storm of the US hurricane season looked set to steer clear of key oil infrastructure, while worries about Iran prevented a sell-off.
US light, sweet crude for July delivery edged 10 cents a barrel higher to $71.73 by 1pm.
Brent crude rose 15 cents to $70.63 a barrel.
Yesterday, Alberto became the first named tropical storm of the US hurricane season, rekindling memories of the devastation wrought last year by Rita and Katrina.
Forecasters and analysts predicted Alberto would spare refineries and oil platforms in the US Gulf of Mexico, source of about 25 per cent of US oil and natural gas.
"I don't think it's really that much of a concern right now," said John Brady, a broker at ABN AMRO in New York.
"All it does is tell us we really are in hurricane season." About 15 per cent of production is still shut in the US Gulf following last year's violent hurricanes.
Forecasters issued a storm warning for much of Florida's west coast after Alberto strengthened and brought heavy rains towards the state.
Most forecast tracks showed the storm heading for Florida, safely east of Gulf Coast rigs and refineries, although analysts said it could still inflict damage.
Oil operators said they were watching the storm's progress.