Oil prices rise in Asia

World oil prices rose in Asian trade yesterday after a US government report showed American crude reserves sank for the fourth week in a row.

New York's main oil futures contract, light sweet crude for July delivery, was 57 cents higher at 136.95 dollars a barrel. The contract had jumped 5.07 dollars to close at 136.38 dollars per barrel on the New York Mercantile Exchange Wednesday, after spiking as high as 136.80.

New York's benchmark contract surged to an all-time high of 139.12 dollars last Friday, when it reached a record-breaking 10.75 dollars in one day's trade.

Brent North Sea crude for July delivery rallied 4.00 dollars to settle at 135.02 dollars on Wednesday in London. The contract hit a historic peak of 138.12 last week.

AFP