26 Aug '11, 8pm

Oil prices flat ahead of US hurricane

NEW YORK: Oil prices rose slightly on Friday on little industry news and a noncommittal speech on the US economic outlook from central bank chief Ben Bernanke, as a huge hurricane barrelled toward the US east coast. New York's main contract, West Texas Intermediate (WTI) for October delivery, rose seven cents to $85.37 a barrel, not far from where it began the week. In London, Brent North Sea crude for October rose 74 cents to settle at $111.36 a barrel. Hurricane Irene's looming assault on the US east coast, including New York City and areas in the northeast corridor where numerous refineries and tank farms are located, also appeared to leave traders unfazed. "The US east coast is home to about 3.0-5.0 percent of the country's total refinery capacity and is the delivery hub for US-traded gasoline futures, so the hurricane should underpin crude prices in the near term," sa...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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