Asian oil prices increase

Sat, 24 Jul 1999 | Source: REUTERS

SINGAPORE (Reuters): Crude oil prices in Asia on Friday were stronger, maintaining a firm tone after assurances by oil producer Venezuela that it would maintain its output cuts as promised.

The New York Mercantile Exchange (NYMEX) September crude futures, trading on the after-hours ACCESS system, were last traded at $20.10 per barrel at 0800 GMT, up 16 cents from the New York close.

September rose 29 cents to $19.94 in New York trading on Thursday.

Venezuela's Energy and Mines Minister Ali Rodriguez told a business gathering at Caracas on Thursday that worldwide oil stocks have not fallen enough to warrant an increase in supply. He said production curbs that were implemented by the Organization of Petroleum Exporting Countries (OPEC) in April would be respected by Venezuela.

The supply limits are due to be maintained until April 1, 2000.

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