Oil prices edge higher

LONDON (AFP) - Oil prices rose slightly on Tuesday as the market digested news of an inflation spike in China, the worlds biggest consumer of energy. Brent North Sea crude for delivery in July edged up six cents $119.16 in early London trade. New Yorks main contract, light sweet crude for July, climbed 26 cents to $97.56 a barrel. Chinese data released Tuesday showed the consumer price index of the worlds biggest energy consumer rising to near three year highs at 5.5 percent last month from a year earlier. Although it was in line with expectations the rate was Chinas highest since July 2008, defying persistent official efforts to tame food and property costs. The data is likely to fuel expectations for further monetary tightening in the coming days as authorities anxious about inflations potential to spark social unrest try to stem a flood of credit in the economy.

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