New York's main contract, light sweet crude for delivery in October, inched up to US$97, while Brent North Sea crude rose to US$116. Oil prices rose in Asian trade today as tensions sparked by the killing of the US ambassador to Libya and a German court ruling on a eurozone bailout fund helped boost prices. Signs of a weaker demand for energy in USA amid a rise in inventory levels limited gains.
A ruling by the German Constitutional Court cleared the way for the launch of a European Stability Mechanism (ESM). The 500 bln Euro, (US$620 bln) ESM is seen as key to stabilising the European economy.