Concerns that Hurricane Rita could smash into oil facilities in Texas lifted oil prices more than $1 a barrel Wednesday as workers fled oil rigs in the Gulf of Mexico less than a month after Hurricane Katrina tore through the same region.
Light, sweet crude for November delivery rose $1.40 to $67.60 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. It was the first trading day that November was the front-month contract. October futures fell $1.16 to close at $66.23 a barrel in New York overnight. On London’s International Petroleum Exchange, November Brent crude oil futures gained $1.10 to $65.30 a barrel.
