Oil prices continued on an upward path on statements by the Venezuelan oil minister to the effect that OPEC is powerless to stop price surges caused by geopolitical tensions. Rising marginally, light sweet crude for September delivery was at US$74.75 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange. The previous evening, prices had closed above US$74 on reports of militant attacks and a pipeline leak that disrupted production in Nigeria.
The other contributing factors are persistent fighting in the Middle East that continues to fan fears of possible supply interruptions in the region, and a U.S. government report showing an unexpected decline in natural gas inventories last week as hot weather pushed up demand for electricity.
28-Jul-06 
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