After closing at US$95.50 on Friday, New York's main oil futures contract, light sweet crude for delivery in March stood at US$95.59 per barrel. World oil prices rose in volatile Asian trade on Monday morning as concerns of a looming US recession weighs heavily on market sentiment. Brent North Sea crude for April delivery stood at US$94.70 a barrel.
Prices also continue to gain strength from supply concerns after Venezuela cut off supplies to US energy giant ExxonMobil, and also on unrest in Africa's biggest crude exporter Nigeria. Instability and violence have resulted in a drastic cut in Nigeria's oil output by a quarter in 2007.