Crude prices rise on storm forecast, rate cut

    NEW YORK, Aug. 17 (Xinhua) -- Crude prices rose Friday on Hurricane Dean and the Federal Reserve's interest rate cut.

    The National Hurricane Center said Dean strengthened, which will head straight into the Gulf and a direct threat to oil and gas infrastructure.

    The Fed cut its discount rate by a half percentage point, easing some investors' fears of an economic slowdown.

    Light, sweet crude for September delivery rose 98 cents to settle at 71.98 dollars a barrel on the New York Mercantile Exchange.

    In London, October Brent crude added 67 cents to settle at 70.44 dollars a barrel on the ICE Futures exchange.