Crude oil prices edge lower in New York; Brent slightly higher in London

The price of oil held steady Friday on a quiet day for energy markets.

Benchmark West Texas Intermediate crude for August delivery edged 10 cents lower to close at US$105.74 a barrel on the New York Mercantile Exchange.

Brent crude, a benchmark used to price international oils used my many U.S. refineries, rose nine cents to close at US$113.30 a barrel in London.

The prices of both U.S. and international oils have slipped somewhat in recent days since reaching 10-month highs late last week, a sign investors are starting to believe that the violence in Iraq won’t spread to that country’s oil-producing south.

In other energy futures trading on the Nymex, wholesale gasoline rose 1.3 cents to close at US$3.07 a U.S. gallon (3.79 litres), heating oil fell 1.6 cents to close at US$3 a gallon and natural gas fell 1.1 cents close at US$4.39 per 1,000 cubic feet.

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