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Oil prices jump on Gulf tropical storm threat
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08:35, August 28, 2008

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· Surge in Oil Prices
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Crude oil settled above 118 U.S. dollars a barrel Wednesday as Tropical Storm Gustav approached the Gulf of Mexico.

Light, sweet crude for October delivery rallied 1.88 dollars to settle at 118.15 dollars a barrel on the New York Mercantile Exchange. Futures had risen to as high as 119.63 dollars a barrel during the trading.

The U.S. National Hurricane Center predicted that the Tropical Storm Gustav could strengthen as it passes over Haiti, and reaches the Louisiana coast by Monday.

Royal Dutch Shell PLC and BP PLC said they have begun evacuating staff from offshore operations in the Gulf, which is home to about 25 percent of U.S. crude production and 15 percent of its natural gas.

Crude was also supported by a government weekly inventory report showing that the U.S. crude oil and gasoline stockpiles fell last week.

In London, Brent crude for October delivery rose 1.59 dollars to settle at 116.22 dollars a barrel on the ICE Futures Exchange.


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