Oil tops $76 as storm heads toward US Gulf

LONDON (Reuters) – Oil rose above $76 on Wednesday as a tropical storm gathered strength and headed toward the Gulf of Mexico, threatening U.S. oil and gas rigs still recovering from last year’s devastating hurricanes.

The storm triggered supply concerns in the world’s largest energy consumer ahead of government data expected to show a fall in gasoline stocks due to strong summer driving demand.

London ICE Brent crude rose 50 cents to $76.39 a barrel by 1050 GMT. U.S. light crude rose 39 cents to $75.30 a barrel.

Brent is at a rare premium to U.S. oil because European markets are more directly affected by real and feared supply disruptions in Nigeria, Russia and the Middle East.

Reuters