Oil prices rise
Sunday, 2 September 2007
NEW YORK, Sept 1 (AFP): World oil prices climbed yesterday as a storm threatened Gulf of Mexico energy installations ahead of a long holiday weekend in the United States, while US stockpiles remained tight.
New York's main futures contract, light sweet crude for delivery in October, jumped 68 cents to close at 74.04 dollars per barrel.
It was the first time the contract has topped the 74-dollar mark since August 6. Over the week, the price has climbed nearly three dollars. The New York Mercantile Exchange will be closed Monday for the Labor Day holiday.
In London, the price of Brent North Sea crude for October delivery rose 79 cents to settle at 72.69 dollars per barrel.
Oil prices were underpinned by a potential storm forming in the Atlantic which re-ignited fears that supply from Gulf of Mexico oil installations could be squeezed.
"Its calculated path still takes it to the eastern Caribbean, an area favorable for strengthening and historically a highway to the US or Mexican Gulf," said Petromatrix analyst Olivier Jakob.
New York's main futures contract, light sweet crude for delivery in October, jumped 68 cents to close at 74.04 dollars per barrel.
It was the first time the contract has topped the 74-dollar mark since August 6. Over the week, the price has climbed nearly three dollars. The New York Mercantile Exchange will be closed Monday for the Labor Day holiday.
In London, the price of Brent North Sea crude for October delivery rose 79 cents to settle at 72.69 dollars per barrel.
Oil prices were underpinned by a potential storm forming in the Atlantic which re-ignited fears that supply from Gulf of Mexico oil installations could be squeezed.
"Its calculated path still takes it to the eastern Caribbean, an area favorable for strengthening and historically a highway to the US or Mexican Gulf," said Petromatrix analyst Olivier Jakob.