oil prices rise slightly

World crude oil prices rose slightly Friday amid concern over Iran and the coming tropical storm in the Gulf of Mexico.

New York's main contract, light sweet crude for delivery in October, gained 15 cents to close at 72.51 dollars per barrel.

In London, Brent North Sea crude for delivery in October, rose 2 cents to settle at 72.70 dollars per barrel.

The UN Security Council has demanded that Iran stop its uranium enrichment by Aug. 31, or it would face possible sanctions. Traders worry about the possibility that Iran's oil exports would halt if the United Nations imposes international sanctions on Teheran for its nuclear activities.

The U.S. National Hurricane Center said Friday that Tropical Storm Ernesto formed Friday over the Caribbean as it moved toward Jamaica and the Cayman Islands and could develop into the first hurricane of the 2006 Atlantic season.

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

Source: Xinhua