WTI prices rise slightly

Crude oil prices were down slightly during the session Monday but August contracts for West Texas Intermediate crude ended 10 cents higher at $145.18 per barrel on the New York Mercantile Exchange after trading as low as $142.49 per barrel and as high as $146.37 per barrel.

August contracts for Brent crude, which are set to expire Wednesday, dropped 57 cents to $143.92 per barrel on the ICE Futures Europe exchange in London, while September contracts were down 24 cents to $145.33 per barrel.

Gains in Nymex prices came on concerns over a planned five-day strike which began in Brazil and is expected to cut around 400,000 barrels per day from production there.

US President George W. Bush announced an end to a ban on offshore oil drilling in the US, but his action will require Congressional action before any actual drilling can begin and is not thought likely to have any real effect on prices.

Nymex August gasoline last traded at $3.56 per gallon.