Crude prices crossed over the $70 a barrel mark on tensions between Iran and the US, combined with continuing fighting in Nigeria are set to push up oil prices towards a record $80 in the summer of 2007.

Oil prices edged lower in Asian trade Monday as Nigeria's oil unions suspended a two-day-old strike over the weekend, relieving concerns of possible disruptions to shipments, dealers said.

Oil prices edged lower in Asian trading Thursday after a U.S. government report showed gasoline stocks rose nearly twice as much as expected last week. The U.S. Energy Information Administration reported Wednesday that gasoline stocks grew 1.5 million barrels last week to 196.7 million barrels.

Oil prices were little changed on May 23rd after jumping above $66 a barrel in the previous session on worries about gasoline supply.

Oil prices were little changed Tuesday after jumping above $66 a barrel in the previous session on worries about gasoline supply.

Indonesia, Southeast Asia's biggest oil producer, will change the formula it uses to price the country's crude exports starting July to help boost revenue.

Crude oil was little changed in New York after stalling near a three-week high last week on signs rising U.S. gasoline stockpiles may damp motor-fuel prices.

Oil prices rose slightly in Asian trading Thursday on continued concerns about gasoline supply - despite a U.S. government report that showed stockpiles of the fuel increased last week.

World crude oil futures fell on Wednesday after U.S. energy inventories rose more than expected.

Opec Secretary General Abdullah Al Badri said on May 16th that he did not believe current oil prices were "high", supporting signs that the producer group is comfortable with maintaining crude at above $60 a barrel.

Oil prices held above $65 a barrel on Friday, May 4, as renewed supply disruption from Africa compounded worries about insufficient gasoline stock levels in the United States, just weeks ahead of peak summer driving season.

Oil prices were little changed Thursday following a U.S. inventories report that showed that stocks of gasoline, crude and distillate fuels all rose last week.