World oil prices rose on lingering supply jitters as traders girded for a looming meeting of the Organization of the Petroleum Exporting Countries.
Despite recent price spikes, most analysts do not expect the oil producer’s cartel to raise its production quotas when it meets in Vienna, Austria, next Tuesday.
New York’s main oil futures contract, light sweet crude for delivery in October, closed up 40 cents at USD 76.70 a barrel.
On Thursday prices in New York had struck USD 77.43, not far off the record high of USD 78.77 which was hit on August 1.
In London today, the price of Brent North Sea crude for October delivery settled 30 cents higher at USD 75.07 per barrel.
OPEC member Iran indicated on Wednesday it was against any increase in the cartel’s production ceiling.
At its last regular meeting in March, OPEC members decided to keep their official production quota pegged at 25.8 million barrels of oil per day.
World oil prices had shot up Tuesday after Qatar’s energy minister said OPEC would not move next week to increase the cartel’s oil output, despite calls for the organization to respond to tight global supplies and strong energy demand.
Oil traders meanwhile appeared to shrug off news that US employers unexpectedly shed 4,000 jobs in August, marking the first drop in payrolls since August of 2003.