September 08, 2007	Saturday	Sha'aban 25, 1428

LONDON, Sept 7: The New York oil price soared this week close to a record high on weak US energy stocks.

New York crude hit $77.43 a barrel on Thursday, close to its record high of $78.77 struck on Aug 1.

Crude futures had spiked Thursday as news of weaker US energy reserves heightened supply concerns, before dipping Friday on profit-taking.

Brent’s record high stands at $78.40, which was reached in 2006. Traders are also looking to next week’s Opec meeting in Vienna.

Opec members Iran and Qatar have indicated that they are against any increase in the cartel’s production quota.

By Friday, New York’s main oil futures contract, light sweet crude for delivery in October, surged to $76.19 a barrel, from $74.14 a week earlier.

In London, Brent North Sea crude for October delivery soared to $74.47 a barrel on Friday, compared with $72.95 a week earlier.—AFP