Oil climbed further above $74 today as Opec kept a lid on output in the run-up to its September 11th ministerial meeting.
US crude was up 35 cents at $74.39 by 1.47pm. The US Labor Day holiday shut the New York trading floor but electronic trade continued as usual.
London Brent crude was up 60 cents at $73.29.
Opec kept oil production restricted in August, a Reuters survey found, suggesting the exporter group is intent on retaining output curbs when it gathers next week in Vienna.
Market participants are watching a potentially catastrophic Category 5 storm in the Atlantic Ocean. Current projections show it avoiding offshore US oil and gas fields.
Consumer nations have been calling for more oil as the price climbs back towards its August 1st all-time high of $78.77. Oil analysts also say Opec must boost supplies to keep pace with growing demand this winter.
Opec has repeatedly said shortfalls of refined products are not its problem and the world is amply supplied with crude.
The 10 Opec countries subject to output restrictions - all except Iraq and new member Angola - kept production little changed at 26.74 million barrels per day in August.