Oil prices rose Monday after an international watchdog agency predicted Friday tight supplies of oil the next two years amid growing world demand. Light, sweet crude for September delivery rose 48 cents to US$71.95 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract fell 12 cents to settle at US$71.47 a barrel Friday. September Brent crude rose 33 cents to US$70.72 a barrel on the ICE futures exchange in London. The same credit and liquidity concerns roiling equity markets weighed on oil prices last week and dragged them down from record prices set early in the month. Also supporting prices in the short term, ConocoPhillips said Friday the restart of a gasoline-producing unit at a New Jersey refinery, initially expected Friday, would be delayed due to operational issues. Heating oil futures added 0.98 cent to US$1.9810 a gallon (3.8 liters) while gasoline prices rose 0.94 cent to US$1.9642 a gallon. Natural gas futures rose 6.3 cents to US$6.883 per 1,000 cubic feet, the Associated Press reported.
