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Oil prices edge up on Gulf tropical storm
26/8/2008 10:07

Crude oil edged back above US$115 a barrel after a choppy trading session yesterday on the threat of tropical storm in the Gulf of Mexico despite a fluctuating dollar.

Light, sweet crude for October delivery rose 52 cents to settle at 115.11 dollars a barrel on the New York Mercantile Exchange after dropping to as low as 113.68 dollars a barrel.

Prices fluctuated during the most time of Monday's trading as the dollar gained against the euro, lost later and strengthened again.

But Tropical Storm Gustav formed in the Caribbean has pushed up the crude futures as traders were concerned that the oil and natural gas operations in the Gulf of Mexico would be disrupted.

Meanwhile, the tension in Georgia is still lingering over the market, adding pressure to the oil prices.

In London, Brent crude for October delivery rose 11 cents to settle at 114.03 dollars a barrel on the ICE Futures Exchange.



Xinhua