Storms affect crude oil rates

As the tropical storms headed towards Gulf o f Mexico, the rate of crude increased as the U.S. forecasters predicted that it was 29% chance that the Tropical storm will strengthen into a hurricane as it enters into the Gulf of Mexico.

After having low rates in the last six months, crude oil again gained and rose by 1.6 % for the August delivery at the New York Mercantile Exchange and the increased price was $130.90 in London.