Oil prices rise to near 76 dollars

World oil prices rose to near 76 dollars on Wednesday amid concerns over the Middle East and Tropical Storm Chris.

New York's main contract, light sweet crude for delivery in September, climbed 90 cents at 75.89 dollars per barrel in closing trades.

In London, Brent North Sea crude for September delivery surged 1 dollar at 76.89 dollars per barrel.

Traders worry about the violence between Israel and Hezbollah, which could spread to crude-producing nations in the Middle East.

There are also concerns about the risks hurricanes pose to U.S. production. Tropical Storm Chris continued to gain strength Tuesday as it approached the eastern edge of the Caribbean, and U. S. forecasters said it could grow into a hurricane heading for the Gulf of Mexico later this week.

Hurricanes Rita and Katrina in 2005 destroyed the oil and gas production platforms and rigs concentrated in Gulf of Mexico and led to record highs in the crude futures market.

Source: Xinhua