Oil Price Over 117 USD In London, New York

F.A.
English Section / 28 august 2008

The oil price hiked to over 117 USD/barrel yesterday amid worries that the tropical storm Gustav could interrupt oil extraction operations in the Gulf of Mexico, the origin of a quarter of the U.S. oil production. The price of light sweet crude oil deliverable in October gained 1.4 USD to 117.67 USD/barrel in electronic transactions on the New York Mercantile Exchange. In London, the price of Brent deliverable in October climbed 1.15 USD to 115.78 USD on the ICE Futures Exchange at noon. David Moore of the Commonwealth Bank of Australia commented that the storm had obviously been a significant factor of influence on the oil markets.

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