NEW YORK, May 25, 2012 (AFP) - World oil prices edged higher Friday amid worries about Iran's continuing standoff with major powers over its disputed nuclear program.
New York's main contract, West Texas Intermediate (WTI) crude for delivery in July added 20 cents to close at $90.86 a barrel.
Brent North Sea crude for July gained 28 cents to $106.83 a barrel in London trade.
Volumes were thin in New York as markets got a head start on the three-day weekend. Markets will be closed Monday to mark Memorial Day, the holiday that unofficially kicks off the US summer vacation season.
"Not much to report on a day where the market really didn't move," said BMO Capital Markets analysts said.
"Fundamentally the market continues to be cautious with economic challenges facing Europe, the US recovering but not as quickly as some would like, and now news of China potentially slowing down," they added.
Investors remained anxious about the potential departure of Greece from the eurozone as it grapples with its massive debt crisis and its possible impact on other eurozone nations with severe financial strains, such as Italy and Spain.
Worries over Iran's nuclear program, suspected of masking a weapons initiative, propped up prices in New York, said Andy Lipow at Lipow Oil Associates.
"The market doesn't want to sell off before going into a long weekend given some of the headlines regarding Iran nuclear enrichment that inspectors found," Lipow said.
The International Atomic Energy Agency discovered higher-grade uranium traces in Iran, saying it was likely due to a technical glitch rather than a covert attempt to enrich to arms grade.
Iran and six world powers ended two days of intense nuclear talks in Baghdad on Thursday with no visible progress and agreed to meet next month in Moscow, on June 18-19.
Commerzbank analyst Carsten Fritsch said that oil prices were winning support from the lack of a breakthrough at the talks.
"Ahead of the talks there had been hopes of a breakthrough. Now that these hopes have not been fulfilled, part of the risk premium may return, which would argue against any further fall in the price of oil," he said.
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