World oil prices continued higher in Asian trade on Friday after a sharp jump overnight driven by concerns about global crude supplies and tensions with Iran, analysts said.
New York's main oil futures contract, light sweet crude for August delivery, rose US58 cents to $US142.23 a barrel after a jump of $US 5.60 to close at $US141.65 on Thursday at the New York Mercantile Exchange.
Brent North Sea oil futures for August delivery rose 27c to $US142.30. The contract leapt $US5.45 to settle at $US142.03 on Thursday in London.
After dropping to just above $US137 a barrel mid-week, prices were regaining ground and getting ready to challenge new record highs, said Victor Shum of Purvin and Gertz energy consultancy in Singapore.
Mr Shum said the latest rally was a technical rebound, but one supported by supply-side factors including the international stand-off with Iran and unrest in Nigeria.
He said a weaker US dollar, which makes dollar-priced crude oil cheaper for buyers with stronger currencies, was also supporting prices, while supply growth is still trailing overall demand.
Prices have soared since breaking through $US100 at the start of the year but are still down about $US5 from record peaks near $US147 last week.
The Organisation of the Petroleum Exporting Countries cut its long-term estimate for world oil demand on Thursday, saying consumption in 2030 would be 3.7% lower than previously forecast because of energy-saving.
The International Energy Agency predicted demand in advanced countries seemed to be on a weaker trend, but it forecast a global increase in demand of 1% next year.
