Oil prices rise after Venezuela moots output cut

0 Comments | AFP, August, 2008

SINGAPORE (AFP) — World oil prices rose in Asian trade Wednesday on fresh supply concerns after key producer Venezuela indicated it could ask OPEC to cut output, dealers said.

New York's main contract, light sweet crude for September delivery, rose 56 cents to 115.09 dollars a barrel. The contract had jumped 1.66 dollars to close at 114.53 dollars in New York on Tuesday.

Brent North Sea crude for October delivery added 50 cents to 113.75 dollars a barrel after rallying 1.31 dollars to settle at 113.25 Tuesday in London.

Venezuela's Energy and Petroleum Minister, Rafael Ramirez, said Tuesday his country will propose production cuts at the next Organisation of the Petroleum Exporting Countries (OPEC) meeting if oil prices continue to fall.

The cartel...