Oil prices hovered above $95 a barrel this morning amid a slowing US economy and a row between Opec member Venezuela and Exxon Mobil.
US light crude for March delivery rose 16 cents to $95.66 a barrel. Oil closed 4 cents higher at $95.50 on Friday, after touching a one-month high of $96.67. London Brent crude rose 26 cents to $94.89.
Venezuelan President Hugo Chavez said on Sunday the state could sue US oil
company Exxon for unpaid oil taxes, and repeated threats to cut oil sales to the United States if Washington attacked the South American country.
Venezuela, one of the largest crude exporters to the US, had already cut shipments to Exxon last week after the US oil firm won court orders to freeze over $12 billion of Venezuela's assets in a row over nationalisation of Exxon assets in Venezuela.
The head of the International Energy Agency said last week the impact of Venezuela's cut-off in crude oil exports would likely be limited and probably not require the release of global emergency crude stockpiles.
While the quarrel has helped oil prices bounce back from this year's low of $86.24, analysts said worries about the US economy would continue to suppress oil's gains.
