Global Oil Prices Climbed Up

Global oil prices rallied higher crude producers' cartel OPEC upgraded its estimate for 2007 world oil demand.

New York's main futures contract, light sweet crude for delivery in September, climbed 76 cents to close at $72.38 per barrel.

In London, the price of Brent North Sea crude for September delivery rose 28 cents to settle at $70.51 per barrel.