Crude Oil Prices Surge in New York As Storm Heads to Gulf of Mexico

Crude oil prices surge in New York as storm heads to Gulf of Mexico

NEW YORK, Oct. 17 (Xinhua) — Crude oil prices surged above one dollar Monday amid concerns to coming Storm Wilma in the US Gulf of Mexico.

New York’s main contract, light sweet crude for delivery in November, jumped 1.73 dollars to close at 64.36 dollars per barrel in closing trading.

In London, the price of Brent North Sea crude for December delivery gained 1.09 dollars to 60.57 dollars per barrel in closing deals. The November contract closed on Friday at 59.35 dollars.

US hurricane center said Monday Storm Wilma had shifted west of its previous path and could hit Mexico’s Yucatan Peninsula and is then expected to re-emerge into the Gulf and could become a threat to the southern US.

US Minerals Management Service reported Monday a slight rally in Gulf of Mexico oil and natural gas production. Almost 1 million barrels a day, or 66 percent, of daily oil output remains down. Close to 5.5 billion cubic feet, or 55 percent, of daily natural- gas output remains down.