By OGJ editors
HOUSTON, May 6 -- Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in the region appeared to be easing.
The Iraqi cabinet voted Sunday to resume oil exports beginning midnight Tuesday. The cabinet said its Apr. 8 decision to suspend oil exports for 30 days had not produced a response from Arab oil-producing countries to do the same.
The June contract for benchmark US light, sweet crudes gained 38¢ to $26.62/bbl on the New York Mercantile Exchange, while the July contract rose 36¢ to $26.27/bbl. However, both declined in after-hours electronic trading to $26.05/bbl and $25.71/bbl, respectively.
Unleaded gasoline for June delivery rose 0.28¢ to 78.77¢/gal during regular trade Friday on NYMEX. Heating oil for the same month gained 0.46¢ to 66.53/gal. The June natural gas contract added 6.1¢ to $3.75/Mcf.
In London, the June contract for North Sea Brent oil rose by 32¢ to $25.75/bbl on the International Petroleum Exchange. The June natural gas contract slipped by 3¢ to the equivalent of $1.81/Mcf on IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes rose 31¢ to $24.98/bbl Friday.