Oil nears $73 on credit, Gulf storm fears

New York -- Oil prices rose to near $73 a barrel Wednesday in New York on global credit concerns and fears a Gulf of Mexico storm could hurt natural gas and oil output.

Light, sweet crude for September delivery rose 48 cents, or 0.66 percent, to $72.86 a barrel in mid-morning trading on the New York Mercantile Exchange.

September natural gas added 12 cents, or 1.7 percent, to $7.06 per 1,000 cubic feet.

Heating oil gained 1.66 cents, or 0.84 percent, to $1.9991 a gallon.
Reformulated-gasoline blendstock for oxygen blending advanced 2.03 cents, or 1.03 percent, to $1.9941 a gallon.

AAA said the average U.S. retail regular unleaded gasoline price was $2.762 a gallon, down 0.5 cents from Tuesday's $2.767 a gallon.

Copyright 2007 by United Press International.