Crude futures rise on new storm warning

| July 12, 2005 | 0 Comments
Crude futures rise on new storm warning

Crude oil prices rose again on Tuesday as another storm, tropical storm Emily, moved toward the Gulf of Mexico from the Caribbean, again threatening oil operations in the Gulf, where about one-third of US oil production comes from.

West Texas Intermediate August contracts had risen by late morning by $1.88 to $60.70 per barrel on the New York Mercantile Exchange. That was the lowest price for a WTI contract until January of 2007.

December WTI contracts are trading at $63.05 per barrel. August Brent crude contracts on the International Petroleum Exchange were trading at $59.15 per barrel at late afternoon in London, up $1.71 per barrel. Gasoline and heating oil prices were also up.

Nymex August contracts for unleaded gasoline were up 3.4 cents to $1.7660 per gallon, and Nymex heating oil gained 4.7 cents to $1.7290 per gallon. IPE gasoil for August gained $4.75 to $523.75 per tonne.

The latest rise in prices are also in anticipation of US crude oil inventory data, slated to be released on Wednesday.

Crude oil inventories are expected to have risen by 2.8 million barrels in the past week.

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