Crude Prices Surge On Gulf Of Mexico Storm Fear (23-Jun-2012)
Crude prices surged on Friday, gaining over a percent and half after a potential storm threatened to disrupt oil production in the Gulf of Mexico helped support oil prices. Brent crude witnessed good bargain hunting as traders peculating that prices fell too far representing a bargain.
Meanwhile, storm brewing in the Gulf of Mexico forced some oil companies to start evacuating non-essential workers from their oil and gas operations there, as a weather system off the Yucatan Peninsula threatened to grow into a tropical storm over the weekend.
Benchmark crude for August delivery settled higher by $1.56 to $79.76 a barrel after trading in a range of $77.56 and $80.37 on the New York Mercantile Exchange Brent crude gained $1.75 to settle at $90.98 a barrel, though it fell 6.8 percent for the week.
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