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Oil climbs on US hurricane worries

Sep 07 2011 07:52
AFP

Singapore - Crude prices were up in Asian trade on Wednesday as the US hurricane season threatened to disrupt supply to the world's largest oil consumer, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in October, gained 37 cents to $86.39 per barrel.

Brent North Sea crude for October delivery added 37c to $113.26.

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 said.

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.

commodities  |  markets  |  oil

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