Crude gains $1/bbl on Gustav threat to Gulf

28 August 2008 13:26  [Source: ICIS news]

LONDON (ICIS news)--Oil prices rose by more than $1/bbl on Thursday to take Brent crude on ICE Futures close to $118/bbl on the back of forecasts that Tropical Storm Gustav was likely to turn into a hurricane and threaten to disrupt facilities in the Gulf of Mexico.

By 12.00 GMT, October Brent crude had hit a high of $117.75/bbl, a gain of $1.53/bbl over the Wednesday close of $116.22/bbl, before easing back to around $117.50/bbl.

At the same time, October NYMEX crude was trading around $119.60/bbl, having hit a high of $119.89/bbl, a gain of $1.74/bbl over the previous close.

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By: Giovanni Coiro
+44 20 8652 3214

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