World oil prices firmed after hitting a record high in New York the previous day owing to global tensions over North Korea and Iran, and concerns over US motor fuel data. New York's main contract, light sweet crude for delivery in August, hit a historic 75.40 dollars per barrel on Wednesday after news that North Korea had launched up to seven missile tests.
That exceeded the previous intra-day peak of 75.35 dollars, set on April 21 amid simmering concerns over Iran. The contract also struck a historic close on Wednesday of 75.19 dollars.
In trading on Thursday, New York's light sweet crude edged up six cents to 75.25 dollars per barrel in electronic deals before the official opening of the US market.
Meanwhile Brent North Sea crude for August delivery rose 19 cents to 74.17 dollars per barrel in electronic trading.
Brent crude had touched 74.22 dollars per barrel on Wednesday -- not far off the record 74.97 dollars struck on May 2.
Wednesday's performance came as markets for light, sweet crude reopened after the long US Independence Day holiday.
Geopolitical concerns over Iran and North Korea as well as strong gasoline or petrol demand in the United States, the world's biggest energy user, will keep prices firm, dealers said.
"Certainly, I think it's a combination of increasing geopolitical concerns, a still-defiant stance by Iran and the strong gasoline demand (in the United States)," said Mark Pervan, a commodities analyst with Daiwa Securities.
North Korea test-fired seven missiles Wednesday, including a Taepodong-2 long-range missile, in defiance of international appeals.
North Korea will fire a second long-range missile, thought able to reach the United States, once technical problems that brought down the first one this week are fixed, officials in Seoul said Thursday.
Elsewhere, major oil producer Iran's continued defiance of Western pressure over its nuclear energy ambitions remained a key market concern.
Traders were meanwhile awaiting later Thursday an update on US energy stocks -- due one day later than normal due to the Independence Day break -- with all eyes on gasoline or petrol data amid the ongoing peak-demand driving season.
