Tuesday, September 09, 2008

Threat of a new hurricane pushes oil prices up

New York's main contract, light sweet crude for delivery in October spiked by over two dollars to US$108.6 a barrel. Brent North Sea crude for October rose to US$106.6. Oil prices have climbed up on cconcerns that Hurricane Ike is likely to threaten production facilities in the oil-rich US Gulf Coast.

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