World oil prices edged up, after shooting close to 100 dollars earlier this week, as traders worried about tight supplies and geopolitical jitters in key producers.
New York’s main contract, light sweet crude for January delivery, rose two cents to 97.31 dollars per barrel. The contract had hit an historic 99.29 dollars on Wednesday.
Elsewhere, London’s Brent North Sea crude for January delivery added 43 cents to 94.43 dollars per barrel, after striking an all-time peak of 96.53 dollars on Wednesday.
Crude futures have failed to top 100 dollars this week despite US government data which showed that US energy stockpiles fell more heavily than expected last week.
The rally fizzled out amid the US Thanksgiving holiday weekend, with New York’s financial markets shut yesterday.
Prices were subdued amid indications that some member nations of the 13-strong crude exporters’ group OPEC might increase output, which would have a dampening effect on the market.
However, Sudden analyst Michael Davies cautioned: “Another OPEC output increase output is no certainty as many members have said that more crude is unlikely to calm a rally driven by speculators and geopolitical tensions.”
The price of oil has surged by about 64 per cent since the start of 2007, supported by supply disruptions in key producers such as Nigeria, strong demand from China and India, and jitters over the Iranian nuclear crisis.