World crude oil prices rallied Thursday as traders still concerned over Iran and took positions in the low prices.

New York's main contract, light sweet crude for delivery in March, added 81 cents to 58.46 dollars per barrel in closing trade. The contract had fallen by 1.92 dollars a barrel on Wednesday after U.S. energy stockpiles grew.

In London on Thursday, the price of Brent North Sea crude for April delivery climbed 64 cents to close at 58.79 dollars per barrel.On the New York Mercantile Exchange,the heating oil rose 1. 78 cent to finish at 1.6253 dollars a gallon, while the gasoline rose 2.76 cents to close at 1.4124 dollars a gallon. Natural gas increased 6.8 cents to settle at 7.134 dollars per 1,000 cubic feet.

Traders are still concerned about the possibilities that Iran's oil exports would halt if the United Nations Teheran an international sanctions for its nuclear activities.

Venezuela's oil minister Rafael Ramirez said Thursday that OPEC should cut output at its next meeting. "Everyone is building inventories, Japan, the U.S., and that is very dangerous," said Ramirez. "There is an oversupply of one million barrels a day."

Venezuela is one of the few countries to express loud public support for Iran's nuclear energy program.

Source: Xinhua