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Oil Prices Hover Above 74 Dollars
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World crude future prices edged up Friday as the concerns over energy demand shrinkage eased.

New York's main contract, light sweet crude for delivery in September, rose 35 cents to close with 74.35 dollars per barrel.

In London, Brent North Sea crude for September delivery settled up 35 cents at 75. 63 dollars per barrel.

World crude future prices fell by more than 2 dollars Thursday amid concerns over energy demand shrinkage. Twenty-one people had been arrested in connection with a foiled plot to blow up aircraft flying from Britain to the United States, British police said on Thursday. The bomb affairs ignited traders' assume that world economy may tumble on the terror threat and result in a fall of oil consumption.

Meanwhile, OPEC said in a statement that it remains confident that "the world is still adequately supplied with oil and that no shortage will occur".

Traders still worry about the possibility that Iran's oil exports would halt if the United Nations imposed international sanctions on Teheran for its nuclear activities.

(Xinhua News Agency August 12, 2006)

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