MELBOURNE--Oil rose for a second day in New York after Tropical Storm Debby shut rigs and disrupted production in the Gulf of Mexico.
Futures advanced as much as 1.2% after climbing 2% on June 22. About 23% of output in the Gulf was halted before Debby shifted eastward yesterday, according to the U.S. Bureau of Safety and Environmental Enforcement.
The storm has now moved away from offshore oil and natural gas-production areas where companies including ConocoPhillips, Anadarko Petroleum Corp. and BP Plc stopped production.
“The tropical storm affects crude prices and also affects the market for refined products,” Robin Mills, head of consulting at Dubai-based Manaar Energy Consulting and Project Management, said in a telephone interview yesterday.
Oil for August delivery gained as much as 92 cents to US$80.68 a barrel in electronic trading on the New York Mercantile Exchange, and was at US$80.04 at 9:18 a.m. Sydney time. The contract increased US$1.56 to US$79.76 on June 22. Prices are 19% lower this year.
Brent oil for August settlement rose 57 cents, or 0.6%, to US$91.55 a barrel on the London-based ICE Futures Europe exchange. The European benchmark’s premium to West Texas Intermediate was at US$11.51, from US$11.22 on June 22.
Gasoline for July delivery gained as much as 4.17 cents, or 1.6%, to US$2.6116 a gallon on the New York Mercantile Exchange. (Bloomberg/T07/TW)