U.S. oil prices settle higher

Oil prices rose Tuesday in the United States, settling at a new high on the heels of a rally in gasoline futures and concerns about refinery outages and hurricanes.

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Oil broker Tom Bentz of BNP Paribas Commodity Futures said the market continues to show concerns about recent refinery snags and weather forecasters’ expectations of more hurricanes in the Gulf of Mexico.

“The bias is still to push higher,” he said.

National Weather Service Director David L. Johnson said Tuesday there could be 11 to 14 more tropical storms, including seven to nine more hurricanes, by the end of November, raising the possibility of significant disruptions to petroleum output in the Gulf of Mexico, where many producers and refiners are located.

CNN