Wednesday, 27 August 2008

Oil jumps to USD 116.27 a barrel

Oil prices rose on Tuesday, August 26, on fears that tropical storm Gustav could threaten oil and natural gas production in the Gulf of Mexico.

Light, sweet crude for October delivery rose USD 1.16 to settle at USD 116.27 a barrel on the New York Mercantile Exchange (NYMEX).

Gasoline futures rose 8.74 cents to settle at USD 2.9697 a gallon. The retail price of a gallon of regular gas stood at USD 3.672.


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