LONDON, Aug 21: Oil prices rose strongly on Thursday as traders worried about the prospects of draining stockpiles of both gasoline and winter fuels in the United States, as well as unrest around the world.

The price of reference Brent North Sea crude oil for October delivery rose 70 cents per barrel to $29.54.

New York’s light sweet crude benchmark September contract showed an increase of 71 cents to $31.75 per barrel in early dealing.

Prices have been high amid concern the deteriorating security situation in Iraq will delay the return of sizeable crude exports from the country for many months.

They were given an extra jolt after weekly figures from the US Department of Energy released on Wednesday showed inventories of both crude oil and gasoline had fallen.—AFP