Oil prices rise near US$73 a barrel on storm worries

Oil prices rose Wednesday on concerns over storms in the Atlantic Ocean and the potential impact they may have on the Gulf of Mexico, where oil and gas companies have significant production, refining and oil terminal operations.

Light, sweet crude for September delivery rose 65 cents to US$73.03 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract had settled 76 cents higher at US$72.38 a barrel on Tuesday.

September Brent crude futures rose 79 cents to US$71.30 a barrel on the ICE Futures exchange in London.

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- Posted: 2007-08-15 09:49:20

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