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Crude prices rise ahead of storm
Crude prices are witnessing a surge as an Indian Ocean storm is to hit the Persian Gulf.
Updated on: Jun 5, 2007, 12:10:52 IST
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Crude prices are witnessing a surge as an Indian Ocean storm is to hit the Persian Gulf.
The impending storm, expected next week, weighed heavily on the market, said analysts.
Light, sweet crude for July delivery, rose $1.13 to $66.21 a barrel on the New York Mercantile Exchange.
The July Brent crude contract gained $1.33 to $70.40 a barrel on the ICE Futures exchange in London.
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