Oil Prices Rise After Yesterday's Dip
NEW YORK --- Crude oil prices climbed back today after dropping yesterday more than $2 a barrel in the wake of news of a thwarted terrorist plot.
According to an Associated Press report, markets also reflected the latest International Energy Agency monthly report, which scaled back its estimate for global oil demand growth.
Light, sweet crude for September delivery rose 35 cents to reach $74.35 by mid-day Friday in trading on the New York Mercantile Exchange.
Thursday's price drop of more than 3 percent came after British authorities reported they had uncovered a terrorist plot to blow up several commercial planes traveling between the U.K. and the U.S.
Meanwhile, BP announced it will try to keep part of its North Slope production operating while replacing corroded pipes responsible for the Prudhoe Bay outage. However, federal regulators have ordered BP to conduct more stringent inspections. The oil company must pass a series of tests before it can restart pipes that were shut down.