Oil prices up on supply concern

Global oil prices edged higher yesterday, supported by tight supply worries and tensions in the crude-rich Middle East, but were off three-month highs struck a day earlier for the same reasons. Brent North Sea crude for delivery in September edged up one cent to $113.61 a barrel in late London deals. On Monday, it had hit $115.11 — the highest level since early May — before falling back on profit-taking. In yesterday's trading, New York's main contract, light sweet crude for September, gained 59 cents to $93.32 a barrel. "The increase in the price of Brent comes courtesy of special factors such as a 17-percent lower North Sea production in September and escalation of the tensions in the Near and Middle East," said Commerzbank analysts in a research note. North Sea crude supply was set to be curtailed in September primarily by the shutdown of an oil field for scheduled maintenance.