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Oil prices jump more than $1 a barrel
(AP)
Updated: 2005-10-17 20:48
Crude-oil futures jumped more than $1 a barrel Monday, driven up by concerns
that a tropical storm in the Caribbean could grow into a hurricane and threaten
Gulf of Mexico facilities.
Analysts said prices also received support from weekend unrest in Iran ¡ª
OPEC's second-largest producer of crude ¡ª and mixed signals on spare capacity
from members of the Organization of Petroleum Exporting Countries.
Light, sweet crude for November delivery rose $1.62 to $64.25 a barrel by
midday in Europe in electronic trading on the New York Mercantile Exchange.
December Brent futures on the International Petroleum Exchange in London rose
$1.39 to $60.87 a barrel.
Products also jumped. Heating oil gained 5.45 cents to $2.0045 a gallon on
the Nymex, while gasoline spiked by nearly eight cents to $1.8250. Natural gas
rose 68 cents to $13.900 per 1,000 cubic feet.
Tropical Storm Wilma formed south of the Cayman Islands on Monday as the 21st
named storm of the season, tying the 1933 record for the most storms in an
Atlantic season, the National Hurricane Center in Miami said.
Forecasts show the storm heading into the Gulf of Mexico
by Thursday or Friday. Experts said high water temperatures and other conditions
meant it could become a significant hurricane.
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