London, World oil prices extended gains on Thursday following a bigger-than-expected drop in inventories of US motor fuel. New York's main contract, light sweet crude for delivery in October, climbed $1.44 to $117 a barrel in electronic deals. London's Brent North Sea crude for October advanced $1.39 to $115.75. "People are looking at the gasoline inventory drawdown,' said Mr Tetsu Emori, fund manager at Astmax asset management. Prices had closed higher on Wednesday after the US department of energy said that American gasoline (petrol) reserves slumped by 6.2 million barrels last week, compared with market expectations for a drop of only 2.4 million barrels. Gasoline stocks are closely watched at this time of year as American motorists are on the highways for their summer vacations, typically pushing up demand for motor fuel. Oil prices had closed up by more than $1 on Tuesday after Opec member Venezuela said it would ask the cartel at its September meeting to cut production if downward price pressure continued. Despite recent gains, world oil prices have tumbled sharply from record highs above $147 a barrel set in July as weak economic growth dents global demand for energy. Oil prices fell close to $110 on Tuesday as tropical storm Fay missed energy production facilities in the Gulf of Mexico. But prices, which broke through the $100 level at the start of 2008, remain well above year-ago levels. Mr Emori said on Thursday that demand worries could help pull oil back towards a range of $90 to $105 by year's end. Traders said interest was rising about what position the Organisation of the Petroleum Exporting Countries would take at its September meeting.