August 30, 2007	Thursday	Sha’aban 16, 1428

LONDON, Aug 29: World oil prices shot higher on Wednesday as traders absorbed tumbling energy stockpiles in the world’s leading consumer country, the United States. Traders also kept one eye on volatile world stock markets amid concerns over the long-term impact on global crude demand.

The price of Brent North Sea crude for October delivery leapt $1.12 to $71.67 per barrel.

New York’s main futures contract, light sweet crude for delivery in October, soared 96 cents to $72.69 per barrel.

The US Department of Energy (DoE) announced on Wednesday that American crude oil inventories plunged 3.5 million barrels in the week ending August 24.

That was nearly six times market expectations for a drop of 600,000 barrels.—AFP