August 16, 2007	Thursday	Sha’aban 2, 1428

LONDON, Aug 15: World oil prices swirled higher ON Wednesday amid fears that stormy weather could threaten energy facilities in the US Gulf of Mexico, traders said.

The price of London’s Brent North Sea crude for September delivery jumped $1.59 to $72.10 per barrel in late European trade.

New York’s main futures contract, light sweet crude for delivery in September, advanced $1.69 to $74.10 per barrel.

Traders eyed potential damage to US oil facilities as a tropical storm built in the Atlantic Ocean which experts said could turn into a hurricane by the end of the week.

“Providing support to prices is evidence that the 2007 Atlantic hurricane season has finally started with markets closely watching the developments of Tropical Storm Dean and the forming of Depression 5 in the Gulf of Mexico,” said Barclays Capital analyst Kevin Norrish.

Also on Wednesday, the US Department of Energy revealed that American crude inventories had slumped by 5.2 million barrels last week -- more than double a fall of 2.5 million forecast by analysts.—AFP