LONDON, July 18: Oil prices forged higher on Friday as traders kept a wary eye on reports of a new storm brewing in the Gulf of Mexico, though dealing was thin, traders said.

The price of benchmark Brent North Sea crude oil for September delivery gained 22 cents to $28.84 per barrel in late trading.

New York’s reference light sweet crude August contract advanced 49 cents to $31.90 per barrel in early deals.

“It is still very erratic trading,” said Prudential Bache broker Tony Machacek. “Funds seem to be buying the market,” he said.—AFP