LONDON--Crude prices traded higher Friday amid fears of a tropical storm brewing in the Gulf of Mexico.
The November contract on the New York Mercantile Exchange was up 27 cents, or 0.3%, at $103.59 a barrel. The November Brent on London's ICE futures exchange was up 20 cents at $109.20 a barrel.
A storm approaching the U.S. coastline could disrupt oil and gas production. Several companies operating in the Gulf of Mexico said they were evacuating workers from offshore rigs in preparation for Tropical Storm Karen.
The National Hurricane Center said Karen could make landfall at near-hurricane strength between eastern Louisiana and the Florida Panhandle on Saturday. Karen is likely to produce rainfall amounts of four to eight inches over parts of central and eastern Gulf coast through Sunday night, the center said.
Amrita Sen, analyst at Energy Aspects, said the market has mostly absorbed and priced in bearish news, such as the return of Libyan oil production.
"I still think there is a risk to the downside because of the U.S. government shutdown, and I don't think the market has fully appreciated the lack of progress," Ms. Sen said.
U.S. non farm payrolls data due Friday won't be published because of the shutdown, analysts said.
The ICE's gasoil contract for October delivery was up $1.00, or 0.1%, at $927.50 a metric ton, while Nymex gasoline for November delivery was down 26 points, or 0.1%, at $2.6370 a gallon.
-Eric Yep contributed to this report.
SOURCE : http://online.wsj.com/article/BT-CO-20131004-702809.html
The November contract on the New York Mercantile Exchange was up 27 cents, or 0.3%, at $103.59 a barrel. The November Brent on London's ICE futures exchange was up 20 cents at $109.20 a barrel.
A storm approaching the U.S. coastline could disrupt oil and gas production. Several companies operating in the Gulf of Mexico said they were evacuating workers from offshore rigs in preparation for Tropical Storm Karen.
The National Hurricane Center said Karen could make landfall at near-hurricane strength between eastern Louisiana and the Florida Panhandle on Saturday. Karen is likely to produce rainfall amounts of four to eight inches over parts of central and eastern Gulf coast through Sunday night, the center said.
Amrita Sen, analyst at Energy Aspects, said the market has mostly absorbed and priced in bearish news, such as the return of Libyan oil production.
"I still think there is a risk to the downside because of the U.S. government shutdown, and I don't think the market has fully appreciated the lack of progress," Ms. Sen said.
U.S. non farm payrolls data due Friday won't be published because of the shutdown, analysts said.
The ICE's gasoil contract for October delivery was up $1.00, or 0.1%, at $927.50 a metric ton, while Nymex gasoline for November delivery was down 26 points, or 0.1%, at $2.6370 a gallon.
-Eric Yep contributed to this report.
SOURCE : http://online.wsj.com/article/BT-CO-20131004-702809.html
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