New rise in oil prices

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World oil prices recovered from their early losses, despite assurances from Washington that top producers could increase production quickly enough to offset supply shortages from Iran and elsewhere.

US Energy Secretary Rick Perry said he did not expect a significant increase in prices and that the world’s top three producers could raise global output over 18 months.

London Brent crude <LCOc1> was up 25 cents at $ 78.34 a barrel, reversing a previous 0.2 percent loss.

US WTI rose 28 cents to $ 69.27 a barrel after hitting a 20-cent lower earlier in the session.

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