World oil prices rose near 75 dollars Wednesday on falling energy reserves data.

New York's main contract, light sweet crude for delivery in August, rose 79 cents to close at 74.95 dollars per barrel.

In London, Brent North Sea crude for August delivery advanced 72 cents to close at 74.39 dollars per barrel in electronic trading.

The U.S. Department of Energy reported Wednesday that gasoline reserves showed a larger-than-forecast fall of 400,000 barrels to 212.7 million over the week ended July 7.

Crude oil reserves fell by six million barrels to 335.3 million, compared with a forecasted drop of just 1.3 million barrels.

Traders are still concerned about the possibilities that Iran's oil exports would halt if the United Nations imposes Teheran an international sanction for its nuclear activities. Iran is OPEC's number-two producer behind Saudi Arabia, making four million bpd of oil and exporting 2.4 million bpd.

Meanwhile, about one-fourth of Nigeria's daily output is still shut after a series of militant attacks. Nigeria is Africa's leading oil producer and the fifth-biggest source of U.S. oil imports.

Source: Xinhua