Oil rises above $131 after slide from record high

Singapore: Oil rose on Friday, recovering from a strong bout of profit-taking in the previous session that pulled prices back more than 3 per cent from the record high above $135 a barrel.

US light crude for July delivery was up 44 cents at $131.25 a barrel on Friday after surging to $135.09 on Thursday.

London Brent crude was up 74 cents at $131.25.

Oil production from countries outside Opec is stagnating and the failure by non-Opec producers to increase oil output has helped drive oil prices up this year.

It has also sent long-term prices even higher at close to $150 a barrel, as concerns mount that supplies will not be enough to meet demand from developing countries.