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From: tejek	8/27/2008 10:35:06 AM
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Still, evidence of falling U.S. oil demand is keeping a lid on prices. The U.S. Energy Department's Energy Information Administration said Tuesday that year-over-year oil demand was down 5.6 percent in June. Oil rises near $119 as Gustav spins toward Gulf AP Business Writer (AP:NEW YORK) Oil prices shot up near $119 a barrel Wednesday, rising for a third day as Tropical Storm Gustav spun toward the Gulf of Mexico and threatened to collide with offshore oil and gas platforms. Light, sweet crude for October delivery rose $2.44 to $118.71 a barrel in morning trading on the New York Mercantile Exchange, after earlier rising as high as $119.63. The contract added $1.16 on Tuesday to settle at $116.27 a barrel. Prices were also supported by a weaker dollar, which boosted the demand for oil among investors who buy commodities as a hedge against inflation. Gustav struck Haiti on Tuesday as a hurricane, pummeling the impoverished country with 90 mph winds and heavy rain before moving toward Cuba. Gustav was later downgraded to a tropical storm but was expected to strengthen later this week, and computer models show it could take a path toward a swath of the Gulf dotted with oil and natural gas platforms. "It's obviously been a factor playing on the minds of oil markets at the moment," said David Moore, commodity strategist at Commonwealth Bank of Australia in Sydney. "There's a potential impact on production in the Gulf of Mexico area." A powerful storm in the Gulf could force shutdowns on the offshore rigs that account for about a quarter of U.S. crude production and much of its natural gas. Royal Dutch Shell PLC said it could begin evacuating workers as soon as Wednesday. Still, evidence of falling U.S. oil demand is keeping a lid on prices. The U.S. Energy Department's Energy Information Administration said Tuesday that year-over-year oil demand was down 5.6 percent in June. "We're getting some pretty powerful data that suggests slower growth and higher gasoline prices have really crimped oil demand in the U.S," Moore said. Investors were waiting for an EIA report on U.S. oil stocks for the week ended Aug. 21 later in the day. The petroleum supply report was expected to show gasoline inventories fell by 2.8 million barrels, according to the average of analysts' estimates in a survey by energy information provider Platts. The Platts survey also showed that analysts projected oil stocks rose 1.5 million barrels and distillates went up 900,000 million barrels during last week. Copyright 2008 The Associated Press. news.ino.com

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