Crude prices rise ahead of storm

Crude prices are witnessing a surge as an Indian Ocean storm is to hit the Persian Gulf.

Crude prices are witnessing a surge as an Indian Ocean storm is to hit the Persian Gulf.

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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.