Crude Oil Rises to Record After Hurricane Damages Platforms

Crude oil rose to a record for a second day after Hurricane Katrina shut about 92 percent of production in the Gulf of Mexico.

Royal Dutch Shell Plc said its 220,000 barrel-a-day Mars platform, equivalent to 15 percent of total U.S. Gulf oil output, suffered damage. Katrina crossed the U.S. coast yesterday after closing the Louisiana Offshore Oil Port, the largest U.S. oil import terminal. The storm forced the shutdown oil refineries in Louisiana and Mississippi.
Bloomberg