Oil Rises, Approaching $60, as Tropical Storm Disrupts Supply

Crude oil rose, approaching $60 a barrel in New York, as Tropical Storm Cindy in the Gulf of Mexico disrupted shipments to the U.S.

The Louisiana Offshore Oil Port, the biggest U.S. oil import terminal, stopped unloading tankers today. The storm, which was 125 miles south of the mouth of the Mississippi River at 1 p.m. local time, is forecast to make landfall this evening or early tomorrow, the National Hurricane Center said. Prices rose to a record last week on concern that surging fuel demand may outpace supply this year.

“Any storm in the Gulf of Mexico, especially this early in the season, makes us nervous,” said Michael Fitzpatrick, vice president of risk management with Fimat USA in New York. “Memories are still fresh. It was storms last year that helped get us in the current situation.”
Bloomberg