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World Oil Prices Surge As Another Storm Takes Aim At US Gulf Coast

World oil prices soared more than four dollars a barrel Monday as tropical storm Rita posed a potential new threat to oil production and refining along the U.S. Gulf Coast.

The price of crude oil for future delivery closed at 67 dollars and 39 cents a barrel in New York, about three dollars short of the all-time record high.

Meantime, delegates to the Organization of Petroleum Exporting Countries say the group is set to allow members to supply up to two-million barrels a day of extra crude oil if the market needs it.

The proposal was discussed at a meeting Monday in Vienna.

The change would allow OPEC members to provide as much oil as refineries ask for, without regard for previous production limits or quotas.

The decision is expected to be formally announced on Tuesday.

Some information in this story provided by AP and AFP.