World oil prices rose yesterday as sporadic clashes between US troops and Shiite militiamen flared in major producer Iraq.
New York's main contract, light sweet crude oil for delivery in October, the new benchmark, rose US$0.33 to US$47.05 per barrel in pre-opening electronic trading, below an all-time high of US$49.40 reached Friday.
The September contract had closed at US$47.86 on Friday.
Prices had risen to record high points Friday mainly as a result of heavy fighting in Iraq.
But they tumbled later the same day as Shiite Muslim militia appeared ready to hand over control of the holy Imam Ali mosque in the central Iraqi city of Najaf, around which fighting has raged for days.
There was hope that prices would cool further after oil exports from the south of Iraq returned Saturday to their normal level of 85,000 barrels an hour, an official of the South Oil Company told reporters.
For 13 days, exports were reduced to between 36,000 and 42,000 barrels a day following Shiite militia threats to blow up oil pipelines feeding Iraq's two southern terminals.
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