Crude prices traded higher Tuesday as Hurricane Gustav continued toward the Gulf of Mexico.
Light, sweet crude for October delivery was up 1.16 U.S. dollars to settle at 116.27 dollars a barrel on the New York Mercantile Exchange after rising as high as of 117.89 dollars.
The latest development of Hurricane Gustav stirred investors' concerns that the storm could slam into major oil operations in the Gulf, where produce a quarter of U.S. oil production and 15 percent of natural gas output.
However, the price rise was dampened by a stronger dollar and a report from the Energy Department showing weak demand due to high oil prices.
U.S. oil demand for June was 5.6 percent below year-ago, the Energy Information Administration reported on Tuesday.
Source:Xinhua
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