Crude Oil Prices Surged on Nigeria

World oil prices surged above 74 dollars Thursday amid concerns over Middle East and Nigeria.

New York's light sweet crude for delivery in September, climbed 60 cents to 74.54 dollars per barrel in closing trades.

In London, Brent North Sea crude for September delivery surged 1.01 dollars to settle at 75.01 dollars per barrel.

Over 400 Lebanese and 50 Israelis have been killed in the 15-day-old violence which broke out on July 12 following the capture of two Israeli soldiers by Hezbollah guerillas in cross-border attacks.

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.

The U.S. Department of Energy (DoE) reported Wednesday that gasoline stocks dropped by 3.2 million barrels to 211 million in the week to July 21, compared with a forecasted no change,