Oil prices rise above $115

Oil prices extended recent gains today, with New York crude climbing above $115 a barrel, on prospects of a possible cut to Opec production, traders said.  

New York's main contract, light sweet crude for September delivery, climbed 55 cents to $115.08 a barrel.  

London's Brent North Sea crude for October delivery advanced 54 cents to $113.79 a barrel in electronic deals.  

Crude oil prices had already closed up by more than one dollar yesterday after Opec member Venezuela said it would ask the cartel at its September meeting to cut production if downward price pressure continues.  

Despite the latest price gains, world oil prices are down from record highs of above $147, reached in July, as weak US economic data raise fears for oil demand and dim investor appetite for commodities.  

The Organization of Petroleum Exporting Countries (Opec), which is steered by Saudi Arabia, produces about 40 per cent of the world's oil.  

The US Department of Energy was to release its latest weekly snapshot of energy stockpiles in the country later today.  

Oil prices, which broke through the $100 level at the start of 2008, remain well above year-ago levels.