Storm worries cause oil prices to bubble higher
06/07/2005 - 08:10:51Worries over two tropical storms have caused oil prices in Asia to climb higher in trading overnight.
The two tropical storms could hit US crude production in the Gulf of Mexico.
Worries over the winter weather in the northern hemisphere have also raised persistent concerns that refineries may struggle to meet demand during the fourth quarter, dealers say.
New York's main contract, light sweet crude for August delivery was up 27 cents at $59.86 a barrel from its close of $59.59 in the US last night.
The US National Hurricane Center issued advisories yesterday for tropical storm Cindy, located in the central Gulf of Mexico, and tropical storm Dennis, in the eastern Caribbean Sea.
