Crude futures up by $1/bbl on supply concerns in US Gulf

27 August 2012 03:06  [Source: ICIS news]

SINGAPORE (ICIS)--Crude oil futures rose more than $1/bbl in early Asian trade Monday on the back of supply concerns after Tropical Storm Isaac slashed oil output in the Gulf of Mexico.

At 01:48 GMT, Nymex WTI October crude rose by $1.49/bbl to $97.64/bbl, while October ICE Brent was up by $1.88/bbl at $115.47/bbl.

Crude futures rallied after Tropical Storm Isaac over the weekend shut 24% of oil production and 8.2% of natural gas output from the US Gulf, according to the Commonwealth Bank of Australia in its daily note.

The Gulf of Mexico holds 23% of the US’ overall oil production according to the US Energy Department.

By: Nurluqman Suratman

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