Oil prices continued the gains made last week, reaching $74.51 cents a barrel in electronic trading on the New York Mercantile Exchange. Despite Monday being a holiday in the US and the UK, predictions that this could be the worst hurricane season in five years, has investors nervous that supply lines could be disrupted in the same manner that Hurricane Katrina affected operations in the Gulf Coast in 2005.
There is also speculation that the on-going problems experienced at the BP well blow-out will result in even greater restrictions on off-shore drilling. Efforts over the weekend to stem the flow of oil from the pipeline leak failed, and BP says it could now be until August before the oil leak can be stopped.
Source: Associated Press
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