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A powerful tropical storm Gustav drives up oil prices

August 29 2008
10:19

Because of the threat of Hurricane Gustav in the Gulf of Mexico, again more expensive oil. Futures price for WTI crude oil for October in electronic system of the New York Mercantile Exchange (NYMEX) on Friday morning rose to $ 1.30 on the level of the close of trading on 28 August and is $ 116.89 per barrel. Tropical Storm Gustav moves toward Gulf of Mexico where there are more than 20% of U.S. oil production. According to weather forecasts, he may find the strength and the hurricane reach the coast of Louisiana (USA) on September 1. Its power is compared with the most devastating hurricanes in recent years, "Katrina and Rita."

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