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Oil prices rise on storm, drop in U.S. inventories

POSTED: 9:01 a.m. EDT, September 6,2007

World oil prices rose Wednesday on concern over the ongoing U.S. Atlantic hurricane season and drop in U.S. oil inventories.

New York's main oil futures contract, light sweet crude for delivery in October, closed up 65 cents at 75.73 dollars per barrel.

In London, the price of Brent North Sea crude for October delivery settled up 42 cents at 74.34 dollars per barrel.

World oil prices advanced Tuesday after Qatar's energy minister said OPEC would not move next week to increase the cartel's oil output, despite calls for the organization to respond to tight global supplies and strong energy demand.

From: xinhua
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