World oil prices turned higher today, heading back towards their record highs, as petrol inventories unexpectedly dived in the US during the peak season for motor fuel demand.
In London, Brent crude for September delivery jumped by $1.02 to $76.52 per barrel.
Owing to tight supplies, the August contract had struck $78.40 on Monday, close to Brent's all-time high of $78.64.
On Wednesday, New York's main oil futures contract, US crude for delivery in August, rose 98 cents to $75.04 per barrel.
It had risen to an 11-month high above $75 on Tuesday, before profit-taking set in.
Oil prices have rallied strongly since last week, when the International Energy Agency raised its 2008 forecast for oil demand by 2.5 percent to 88.2 million barrels a day.
The IEA has called for the OPEC producers' cartel to pump more crude, notably during the ongoing driving season.
However, the Organization of Petroleum Exporting Countries has repeatedly insisted it does not plan to raise output.
Leading OPEC member Iran said Tuesday there was no need for an emergency meeting of the cartel to discuss high oil prices, saying the market was already well-supplied with crude.
On Wednesday Iran said it would reduce its petrol imports in August after the country implemented rationing to curb massive consumption.
Iran is the world's fourth-largest oil producer but it imports about 40% of its petrol requirements due to a lack of refineries.
Since rationing went into effect, daily consumption has dropped by 20 million litres a day to about 55 million litres a day, Iranian Oil Minister Kazem Vaziri Hamaneh told state television on Wednesday.
