September 28, 2007	Friday	Ramazan 15, 1428

LONDON, Sept 27: The price of New York crude oil bounced back above $81 on Thursday as traders cast a wary eye on a tropical storm near the Gulf of Mexico, where many US energy facilities are based.

New York’s main futures contract, light sweet crude for delivery in November, added $1.29 to $81.59 per barrel.

The price of Brent North Sea crude for November delivery jumped $1.35 to $78.78 per barrel in London trade.

“Crude futures were firmer on Thursday in the absence of any fresh news, extending last night’s gains on persistent concerns that a developing tropical depression in the Gulf of Mexico could affect oil production facilities off the Mexican coast,” said Sucden analyst Michael Davies.

“Although, latest forecasts suggest that the storm is gradually moving westwards, avoiding offshore platforms in the Bay of Campeche” off the coast of Mexico.

Crude futures had ended mixed on Wednesday after data showed American crude inventories had risen in the past week for the first time in almost three months last week.

The US Department of Energy said crude inventories had jumped by 1.8 million barrels in the United States during the week ended September 21.

The data compared with analysts’ consensus forecasts for a fall of 2.15 million barrels.

However, the market impact of the news was offset by the formation of a new tropical storm in the Gulf of Mexico, analysts said.

“Markets have become nervous once more about the threat of tropical storm activity to oil production in Mexico,” said Barclays Capital analyst Kevin Norrish.

The oil market appears to be in consolidation mode after prices hit record highs last week on concerns over tight American energy supplies, analysts said.—AFP