Oil Rises $118.15 A barrel As Gustav Spins Toward Gulf

NEW YORK -- Oil prices climbed for a third day Wednesday as fears deepened that Tropical Storm Gustav could enter the Gulf of Mexico as a powerful hurricane and disrupt oil and natural gas production. On its current trajectory, Gustav could also damage fuel refineries along the vulnerable Gulf Coast and push gasoline prices higher at the pump in time for Labor Day weekend. Light, sweet crude for October delivery rose $1.88 to settle at $118.15 a barrel on the New York Mercantile Exchange after earlier spiking as high as $119.63.
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Posted by Editor at August 28, 2008 03:39 AM