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Wednesday, September 7, 2011

crude oil prices up impact US hurricane season sept 7 2011

crude oil prices up impact US hurricane season sept 7 2011 : Oil up to near $87 in Europe amid rising equities, weaker dollar, Obama speech expectations, Oil prices rose to near $87 a barrel Wednesday amid a strong rebound in equity markets, a weaker dollar and hopes that President Barack Obama will announce new economic support measures in a major policy speech later this week.

By early afternoon in Europe, benchmark oil for October delivery was up 72 cents to $86.74 in electronic trading on the New York Mercantile Exchange. Crude fell 43...


Crude oil prices rose on Wednesday as the US hurricane season threatened to disrupt supplies to the US economy, the world's biggest oil consumer, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in October, jumped $2.28 to $88.30 a barrel.

Brent North Sea crude for October delivery advanced $1.53 to $114.42 a barrel.

Traders were eyeing weather conditions off the US coast as the country endures its storm season, said Nick Trevethan, senior commodities strategist at ANZ Research in Singapore.

"The market remains concerned about the possibility of a major storm in these six to seven weeks before the hurricane season ends, offering a little bit of support for WTI prices," he told AFP.

Hurricanes tend to jack up crude prices in the short term as offshore refineries are forced to close and may even be damaged in their wake, creating a supply disruption. Copyright © 2011 AFP

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