LONDON (AFP) - Oil prices rose on Wednesday but held beneath recent record heights, as traders awaited a key US energy inventories report and mulled a possible output increase by OPEC kingpin Saudi Arabia. New York's main oil futures contract, light sweet crude for July delivery, added 36 cents to 134.37 dollars per barrel in afternoon European trading. The contract had struck a record high point 139.89 dollars on Monday as the market was gripped by supply jitters and the weak dollar, despite news that Saudi Arabia could lift production to help dampen prices. Brent North Sea crude for August delivery added 30 cents to 134.02 dollars per barrel on Wednesday, after reaching an all-time high of 139.32 dollars on Monday. Later Wednesday, the US Energy Information Administration (EIA) will release its update on American crude oil stockpiles for the week ending June 13. "Crude markets were a touch higher (on Wednesday) as market participants await the weekly EIA figures, which are expected to show draws in crude stocks," said Sucden analyst Nimit Khamar. The weekly report has the potential to push oil prices to fresh records if it does reveal sharp falls in US energy reserves, traders said. Conversely, big rises in stockpiles could spark fresh losses.  According to analysts' consensus forecasts, US crude oil reserves fell by 1.7m barrels last week. "Maybe a new (record) high or a dip to or below 130.75 dollars it depends on (US) inventory," Ryoma Furumi, a broker at Newedge Japan, told Dow Jones Newswires when asked about the market outlook. On Tuesday, crude futures had retreated from record heights amid profit taking ahead of Saudi Arabia's expected output increase. Over the weekend, UN Secretary General Ban Ki-Moon announced that Saudi Arabia had told him it would increase its oil output by 200,000 barrels a day in July. The UN chief's remarks came ahead of a meeting to be hosted by Saudi Arabia in Jeddah this Sunday, when major oil producers and consumers will discuss skyrocketing oil prices that are weighing on global economic growth. Iran said it would oppose any move by Saudi Arabia, the largest oil producer in the Organisation of the Petroleum Exporting Countries (OPEC), to raise its output without a consensus from fellow members of the oil cartel. "If Saudi Arabia takes a measure to unilaterally increase (oil) output, it is a wrong move," Mohammad Ali Khatibi, Iran's new representative to OPEC, was quoted as saying Tuesday. Iran is OPEC's number two producer and has consistently argued that the high oil price has nothing to do with market fundamentals and that OPEC's output should not be increased. Analysts have meanwhile expressed doubt about whether the mooted Saudi output hike would lower oil prices in the long-term amid fierce demand from Asian powerhouse economies China and India. Global finance officials fear that soaring crude oil prices pose a threat to world economic growth, as higher inflation leads central banks to raise interest rates.