Sun, Aug 13, 2006 - Page 10 News List

Oil prices edge up slightly on fallout from terror plot

AP , NEW YORK

Output from the BP-led field represents around 8 percent of US domestic production.

The average US retail price for a gallon of unleaded, regular gasoline slipped marginally on Friday to US$3.032 (US$0.80 a liter), after hovering around US$3.036 since BP announced the Alaska pipeline would need to be repaired.

However, retail gasoline prices in California, Oregon and Washington -- the main recipients of Alaskan oil -- continue to climb about US$0.01 a day, and retail diesel prices in Oregon and Washington are at new records.

The IEA trimmed world demand growth to 1.19 million barrels a day. Its estimate for outright demand this year and next was little changed at 84.78 million barrels a day and 86.38 million barrels per day, respectively.

Prices continue to be supported by supply disruptions in Nigeria because of civil unrest, the standoff between the UN and Iran and fighting in the Middle East between Israel and Hezbollah.

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