Asian oil prices increase

Sat, 24 Jul 1999, 00:00 WIB | 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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