Oil surged above $ 70 yesterday on news a cyclone was headed towards the oil-producing Arabian peninsula with a potential to disrupt shipping and output.
Top exporter Saudi Arabia said its oil facilities were expected to escape unscathed from the gathering storm. Fellow Opec member the United Arab Emirates also appeared to be outside the path of the storm, a shipping agent said.
Minor oil producer Oman put its army and police on high alert, however, and warned the population of very high waves when winds of up to 205 km per hour reached land.
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