LONDON (AFP) - Oil prices edged ahead on Monday, building on last weeks rally and as Iraq reported a sharp rise in proven oil reserves to rank it number three in the world. New Yorks main contract, light sweet crude for delivery in November, rose 38 cents to $81.96 a barrel. Brent North Sea crude for November increased 29 cents to $84.04. Iraq on Monday reported 143.1 billion barrels of oil that it believes it can extract from the ground, representing a 24-percent increase over the old level of 115 billion barrels. The increase leaves Iraq behind Saudi Arabia and Venezuela in terms of known reserves, according to data from the Organization of Petroleum Exporting Countries. Iraqs oil reserves which are extractable are 143.1 billion barrels, Oil Minister Hussein al-Shahristani said at a news conference in Baghdad, noting this figure excluded any reserves in the autonomous region of Kurdistan. A further 33.486b barrels was non-extractable, said Shahri-stani. Energy analysts previously said they expected the figure of 115 billion barrels to rise, as little to no exploration was conducted during the rule of dictator Saddam Hussein. Oil prices hit five-month highs near 84 dollars last week in London as upbeat economic data pointed to a strong outlook for energy demand.