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Concerns raise oil, petroleum prices

New York (AP) _ Oil and other petroleum futures rose today with traders worried about a decline in crude inventories at a key terminal in Oklahoma and a confrontation in the Mideast.

November light, sweet crude jumped $2.58 to settle at $82.88 a barrel today on the Nymex while October gasoline rose 6.65 cents to settle at $2.0939 a gallon.  Among the concerns about the supplies of crude was a slight decline last week in oil inventories at the New York mercantile exchange delivery point in Cushing.

Other concerns include one that the U.S. is trying to raise support for new U.N. Sanctions against Iran over its nuclear programs.  Many traders are betting the west will take action against Iran before the end of the year and worry that economic sanctions or a military strike will result in the disruption of oil supplies from the Middle East.

(Copyright 2007 by the Associated Press. All rights reserved.)

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