Tuesday, October 18, 2005

FT.com - Oil gains on fresh US storm concerns

By Maria Silander
Monday, October 17, 2005
Posted: 07:20 AM EDT (12:20 London)

Crude oil prices on Monday had their biggest gain in four days on concern a new storm may enter the Gulf of Mexico, distrupting oil production, which is already severly affected by the hurricanes Katrina and Rita.

IPE Brent for December delivery gained $1.40 to $60.88 a barrel in early afternoon trade. November Nymex West Texas Intermediate crude climbed $1.36 to $63.99 a barrel in electronic trade. The benchamrk WTI futures has declined 9.5 per cent since reaching a record intra-day high of $70.85 a barrel on August 30, the day after Katrina made landfall. WTI has risen 48 per cent this year.

Tropical storm Wilma, the 21st named storm this year, formed from a depression in the Caribbean and could move into the oil-rich Gulf of Mexico by the end of the week, the US National Hurricane Center said on its website.
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