LONDON, June 11: World oil prices rose on Monday, clawing back ground following heavy pre-weekend losses that mirrored a downturn in global equities last week. Brent North Sea crude for July delivery firmed 55 cents to $69.15 per barrel in electronic deals.
New York's main oil futures contract, light sweet crude for delivery in July, added 89 cents to $65.65 per barrel in US floor trade.
Victor Shum, an analyst with energy consultancy Purvin and Gertz, said prices were rising amid concern that supplies of US motor fuel would remain tight over the northern hemisphere summer.
“I think the gasoline market will continue to be a factor” behind high prices, Shum said.
“The gasoline market will continue to be tight in the summer and traders will continue to watch gasoline demand and US refinery production,” he added.
American gasoline or petrol supplies remain in focus amid the US summer driving season where demand usually peaks as most Americans take to the roads for their vacations.—AFP
