Oil Gains as Tropical Storm Churns in Gulf

By Anonymous

Investors’ focus on the storm has set aside for now otherwise bearish indicators for prices of crude

U.S. oil prices rose Tuesday as tropical storm Gordon barreled through the eastern Gulf of Mexico, forcing offshore oil producers to cut production and sparking concerns refinery activity may also be affected.

Light, sweet crude for October delivery closed 0.1% higher at $69.87 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, ended virtually unchanged at $78.17 a barrel.