Cut

Oil rises as storms cut production

AP News
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Posted: Sep 07, 2011 4:13 PM
Oil rises as storms cut production

Oil surged nearly 4 percent Wednesday on the expectation that tropical storms will further hamper oil production in the Gulf of Mexico and squeeze supplies.

Here's a breakdown of how energy contracts traded.

On the New York Mercantile Exchange:

Benchmark crude jumped $3.32 to finish at $89.34 per barrel.

Gasoline rose 8.54 cents to end at $2.908 per gallon.

Heating oil climbed 6.54 cents to finish at $3.0756 per gallon.

Natural gas added less than a penny to end at $3.94 per 1,000 cubic feet.

On the ICE Futures exchange in London:

Brent crude rose $2.91 to finish the day at $115.80 per barrel.