Crude oil prices rose in Asia on Friday, climbing above $91 a barrel at one point, on renewed concerns about oil supplies and news that OPEC won’t further increase output.
Prices were also lifted on news that Lebanese troops had fired on Israeli warplanes Thursday.
A conflict between Israel and Lebanon would not directly affect oil supplies, but traders worry any hostilities in the Middle East would draw in oil producers such as Saudi Arabia and Iran.
Light, sweet crude for December delivery rose 34 cents to $90.80 a barrel in electronic trade on the New York Mercantile Exchange by midmorning in Singapore. It also posted a new trading record of $91.10 during Asian trading.
The Nymex crude contract jumped $3.36 to settle at $90.46 a barrel Thursday in the US, closing above $90 a barrel for the first time.
