Crude rise after forecast of storms in Gulf of Mexico

The fifth largest oil of U.S. is produced in the oil drilling areas of Gulf of Mexico and the region is facing dangers from the seasonal hurricane Gutav that is expected to reach the gulf on Wednesday or Thursday and the crude oil prices rose in New York Mercantile Exchange after the predictions about the hurricane were made.

The oil prices are 63% more when compared to last year’s oil prices and it reached $117.85 a barrel for October delivery and the crude prices dropped from record 147.27 in July.