Oil prices climb as traders track new tropical storm
AFP, London
Oil prices forged higher on Friday as traders kept a wary eye on reports of a new storm brewing in the Gulf of Mexico, though dealing was thin, traders said. The price of benchmark Brent North Sea crude oil for September delivery gained 22 cents to 28.84 dollars per barrel in late trading. New York's reference light sweet crude August contract advanced 49 cents to 31.90 dollars per barrel in early deals. "It is still very erratic trading," said Prudential Bache broker Tony Machacek. "Funds seem to be buying the market," he said The market was also monitoring the fourth storm in this year's Atlantic hurricane season, Danny, which was brewing in the Gulf of Mexico, according to meteorological reports. "A concern that may give support to the market is again a tropical storm in the Gulf of Mexico," said GNI trader Kevin Blemkin. "The weather system talks about another storm called Danny which may affect loadings again." The new storm comes hot on the heels of Hurricane Claudette, which was downgraded to a tropical storm earlier this week, though not before causing some disruption to oil activities in the region.
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