World oil prices surged near 74 dollars Wednesday on a bigger-than-expected fall in U.S. gasoline stocks, amid concerns over Middle East.

New York's main contract, light sweet crude for delivery in September, climbed 19 cents to close with 73.94 dollars per barrel.

In London, Brent North Sea crude for September delivery added 72 cents to close with 74.00 dollars per barrel.

The U.S. Department of Energy (DoE) reported Wednesday that gasoline stocks dropped by 3.2 million barrels to 211 million in the week to July 21, compared with a forecasted no change,

Over the past four weeks, U.S. demand for gasoline rose by 1.8 percent from the same period in 2005, the DoE said. The figure had stood at 1.9 percent last week.

Consumption in U.S., which accounts for more than 40 percent of the world's gasoline, is seen by traders and analysts as a bellwether for oil demand and price direction.

Source: Xinhua