BANGKOK — Crude prices fell today after finance ministers from the world's leading industrialized economies called on oil producers to increase output and said they stood ready to ask the International Energy Agency to release strategic reserves.

Benchmark oil for October delivery fell 72 cents by late afternoon Bangkok time to $95.61 per barrel in electronic trading on the New York Mercantile Exchange.

A statement released by the Group of Seven finance ministers and posted on the U.S. Treasury Department website late Tuesday said the ministers were concerned about the impact of rising oil prices on the global economy and were prepared to act.

The Obama administration has also said it would consider releasing oil from the country's emergency reserves.

Benchmark U.S. oil has risen about 22 percent since late June. Brent crude, which is used to price international blends that many U.S. refineries use to make gasoline, is up about 23 percent. Meanwhile, Hurricane Isaac made landfall Tuesday but appeared to be weakening, easing fears about how much the storm would affect oil production.