LONDON, Jan 27: World oil prices rose by more than a dollar on Friday on supply concerns, analysts said, as the market geared up for Tuesday’s meeting of Opec to discuss output levels.

New York’s main contract, light sweet crude for delivery in March, jumped $1.29 to $67.45 per barrel in pit trading.

In London, the price of Brent North Sea crude for March delivery gained $1.11 to $66.03 per barrel in electronic deals.

“Crude futures surged higher... on support from cold weather in Europe and concerns about supply disruption, shrugging off assurances from Opec that it will keep on pumping,” analysts at the Sucden brokerage said.

Following a sharp fall in prices on Wednesday, crude futures had begun rebounding on Thursday as traders focused on tensions in Opec member Nigeria.

Supply disruptions in Africa’s biggest exporter of oil come amid concerns over spare capacity within the Organization of Petroleum Exporting Countries, which will meet next week in Vienna, where the oil-producing cartel is based.

Oil kingpin Saudi Arabia on Wednesday offered to supply the market with extra crude oil if necessary but Iran wants a cut in production.

Prices were rising also on concerns about the nuclear ambitions of Opec member Iran, dealers said.

“Traders are looking at the Nigerian and Iranian issues. They don’t like to sell at present,” said Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo.

With the situations in Nigeria and Iran remaining volatile, Emori believes that oil prices are heading towards 70 dollars per barrel in the short-term.

“People are not inclined to buy at 70 dollars a barrel at present, but once something happens, then they are likely to re-look at 70 dollars,” he said.

Crude futures on Monday soared to $69.20 per barrel in New York for the first time in more than four months on global supply concerns.—AFP