World oil prices rose in Asian trade today on fresh supply concerns after key producer Venezuela indicated it could ask Opec to cut output, dealers said.
New York's main contract, light sweet crude for September delivery, rose 56 cents to $115.09 a barrel. The contract had jumped $1.66 to close at $114.53 in New York yesterday.
Brent North Sea crude for October delivery added 50 cents to $113.75 a barrel after rallying $1.31 to settle at $113.25 yesterday in London.
Venezuela's Energy and Petroleum Minister, Rafael Ramirez, said yesterday his country will propose production cuts at the next Organisation of the Petroleum Exporting Countries (Opec) meeting if oil prices continue to fall.
The cartel is to meet next month in Vienna.
"If there is a trend or dynamic toward lower oil prices, Venezuela will consider the possibility of a cut in production," Ramirez said in remarks released by the ministry.
"This is the position that we will take at the next Opec meeting," he said.
Today's price gains were "follow-through from last night's bounce," said Jonathan Kornafel, a director for Asia with energy derivatives trading house Hudson Capital Energy.
"I don't think any decision is going to be made but I won't be surprised at the rhetoric and traders are looking at it," he said.
Despite the latest price gains, world oil prices are down from all-time highs above $147 in July as weak US economic data raise fears for oil demand and dim investor appetite for commodities.
