Oil prices climb above $117

LONDON (AFP) - World oil prices rallied on Wednesday as Tropical Storm Gustav remained a threat to US energy installations in the Gulf of Mexico despite being downgraded from hurricane status, analysts said.

The market was meanwhile on tenterhooks ahead of the traditional weekly update on US crude inventories.

New York’s main contract, light sweet crude for delivery in October, gained 91 cents to 117.18 dollars per barrel in electronic deals.

London’s Brent North Sea crude for October won 68 cents to 115.31. Tropical Storm Gustav stalled over Haiti on Wednesday, lashing the impoverished island with heavy rain after striking it with hurricane force and killing five people.