After Jeddah, oil prices rise

World oil prices rose in Asia on Monday after militants blew up a Nigerian oil pipeline, intensifying concerns about tight global crude supplies despite Saudi Arabia's output hike.

New York's main oil futures contract, light sweet crude for August delivery, was 27 cents higher at $135.63 per barrel. The July contract had leapt $2.69 to close at $134.62 before expiring on Friday.

Brent North Sea crude for August was 41 cents higher at $135.27 per barrel after rising $2.86 to settle at $134.86 on Friday in London.

Saudi Arabia's King Abdullah on Sunday condemned oil 'speculators' at a summit of leaders that debated the spiraling price of crude, which has doubled over the past year.

The king also announced Saudi output had risen to 9.7 million barrels per day from 9.45 million barrels earlier, amid growing calls from consumer nations for the feverish rise in crude prices to be brought under more control.