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LONDON, July 21: Oil prices nudged higher on Monday on news of stormy weather that may threaten energy facilities in the US Gulf of Mexico and after fruitless talks between the United States and crude producer Iran, traders said.
However after heavy losses last week that were linked to fears of slowing global growth and lower demand, oil prices remained far below the record highs of about $147 per barrel that were struck earlier this month.
Brent North Sea crude for September delivery added 52 cents to $130.62 in afternoon London trade. New York’s main contract, light sweet crude for August delivery, rose 36 cents to $129.24 a barrel.—AFP
