Oil prices held near $61 a barrel on Friday as financial markets shrugged off the impact of London’s bomb attacks and as a hurricane approached US Gulf oil facilities.
The announcement by Opec of the resumption of talks to consider raising output limits for the second time in a month did little to undermine prices.
US crude for August delivery rose as high as $61.90 a barrel before easing by 1725 GMT to $60.85, up 12 cents. US crude hit a record $62.10 in early London trade on Thursday. London Brent was up 3 cents at $59.32 a barrel.
Dealers said worries about the potential for supply disruptions to production and refining from approaching Hurricane Dennis had subsided.
Dennis is expected to reach the southern US coast on Sunday but it is moving faster across the water than last year’s biggest Atlantic hurricane Ivan, and so is likely to cause less damage.
Several companies have evacuated staff and cut some production.
Oil prices have advanced to new highs on stretched global refining and crude production capacity and the perception that global economic growth has not been significantly slowed by inflated energy costs.
Analysts said the London bombings, bearing the hallmarks of the Al Qaeda network, looked unlikely to have the impact on the world economy. ‘‘The London bombings are unlikely to cause as deep a disruption in oil demand. They occur against the backdrop of a UK and global economy that remain strong,’’ said Antoine Halff, Director of Eurasia Group’s Global Energy practice.
Prices back above $60 mean Opec will talk again about lifting its official quota limits. Cartel President Sheikh Ahmad al-Sabah of Kuwait said the group would resume phone talks on an extra 500,000 bpd increase on Saturday.
But Sheikh Ahmad said an increase would only be agreed should ministers see sufficient demand in a market where refined product shortages are a bigger factor driving prices.
‘‘Opec stands ready to increase production. If the market needs, we will immediately increase our production,’’ he said.