Storm in near Gulf of Mexico causes crude oil rise
Storm close to Cuba encouraged evacuations from rigs and platforms in the Gulf of Mexico resulted crude oil increase for the first time in three days. Gulf of Mexico accounts for about a fifth of U.S. production.
According to National Hurricane Center today Tropical Storm Fay before striking Florida’s northwest coast may build up to a cyclone, because of this workers were abandoned by Royal Dutch Shell Plc and Transocean Inc.
In New York on August 15 crude oil fell repeatedly second time on its 15 week low. A senior broker at Bache Commodities Ltd. in London storm Fay grounded an upturn in prices after oil measures new lows at later of last week.
On New York Mercantile Exchange crude oil escalated nearly to $1.58, or 1.4 percent, to $115.35 a barrel for September delivery. On Aug. 15 New York oil futures cut down 1.1 percent.
Last week dollar climbed 2.2 percent compared to the euro.
For October settlement Brent crude ascended as much as $1.60 on London’s ICE Futures Europe exchange.
