LONDON  - Global oil prices sank Wednesday as a call by the Group of Seven nations for oil producers to increase output offset Gulf Coast supply disruptions due to Hurricane Isaac, analysts said. In late afternoon London deals, Brent North Sea crude for delivery in October shed four cents to $112.54. New York's main contract, light sweet crude for October retreated $1.07 to $95.26 per barrel. "Fears that Hurricane Isaac could hit oil supplies in the Gulf have been largely offset by speculation that G7 nations remain ready to tap the strategic petroleum reserve to keep a lid on prices," said CMC Markets analyst Michael Hewson. "A build-up in (US) inventories over the last week ... has also weighed on the price," he added. Group of Seven (G7) finance ministers said in a statement issued Tuesday that oil producers needed to increase output, and argued that higher prices posed "substantial risks" to the global economy.