Oil prices leap after Venezuela eyes output cut

(AFP): Crude oil prices spiked higher Tuesday after OPEC member Venezuela said it would ask the cartel at its September meeting to cut production if downward price pressure continues. New York’s main contract, light sweet crude for September delivery, jumped1.66 dollars to close at 114.53 dollars a barrel. In London, Brent North Sea crude for October rallied 1.31 dollars to settle at 113.25 dollars. Go to article