Friday, August 31, 2012

Oil rises on concerns that Tropical Storm Isaac could strike Gulf of Mexico and disrupt supplies

New York's main contract, light sweet crude for October delivery spiked by over a dollar to US$97.50 a barrel and Brent North Sea crude for delivery in October spiked to US$114.99.
Crude prices surgeed as supply of oil and gas from the Gulf of Mexico was curtailed after Tropical Storm Isaac forced the closure of production facilities in the region.

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