Oil prices rise on supply concerns

Supply concerns have driven world oil prices upwards in Asia after key producer Venezuela indicated that it could ask OPEC to cut output.

US crude rose 56 cents to $115.09 a barrel after jumping $1.66 yesterday.

Brent North Sea crude added 50 cents to $113.75 after rallying $1.31 yesterday.

Venezuela's Energy and Petroleum Minister, Rafael Ramirez, said his country would propose production cuts at the next Organisation of the Petroleum Exporting Countries (OPEC) meeting if oil prices continued to fall.

The cartel is to meet next month in Vienna.

Despite the latest price gains, world oil prices are down from all-time highs above $147 in July as weak US economic data raise fears for oil demand.