Gustav pushing oil prices higher
10:01 AM Fri, Aug 29, 2008 | Permalink
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Oil prices rose sharply this morning as Tropical Storm Gustav neared the Gulf of Mexico area, home to a quarter of U.S. crude supplies and 40 percent of its refining capacity, according to The Associated Press. By afternoon in Europe, light, sweet crude for October delivery was up $2.61 to $118.20 a barrel on the New York Mercantile Exchange. The contract fell $2.56 overnight to settle at $115.59 a barrel, the first time this week it closed lower. 
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