Oil Trades Near Record

Crude reached a record intraday price of $75.40 a barrel yesterday after North Korea launched at least seven missiles. Iran's nuclear negotiator Ali Larijani postponed talks with the European Union until July 11, because of concern that he may be an assassination target. A U.S. government report due today is expected to show a decline in gasoline stocks.

``The instability in the Persian Gulf and North Korean situation have brought more geopolitical worries to the marketplace,'' said Naohiro Niimura, vice president of derivative products for Mizhuno Corporate Bank Ltd. in Tokyo. ``Strong oil product demand will pull up the oil price.''

Crude oil for August delivery was at $74.95 a barrel, down 33 cents, in after-hours electronic trading on the New York Mercantile Exchange at 11:03 a.m. Singapore time.

Yesterday, the contract rose $1.26, or 1.7 percent, to $75.19, the highest close for a contract closest to expiration since oil futures began trading on the exchange in 1983. Earlier, crude touched $75.40, the highest intraday price.

Brent crude oil for August settlement traded at $73.74 a barrel, down 16 cents, during after-hours trading on the ICE Futures exchange in London.