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| Oil prices rise as Gustav looms | Oil prices rise as Gustav looms |
| (20 minutes later) | |
| Oil prices have risen more than $1 after energy firms shut down almost all oil production in the Gulf of Mexico as Hurricane Gustav approaches. | Oil prices have risen more than $1 after energy firms shut down almost all oil production in the Gulf of Mexico as Hurricane Gustav approaches. |
| The storm is set to hit the Louisiana coast west of New Orleans on Monday. | |
| Light, sweet US crude was up $1.04 at $116.50 a barrel in Asian trading. London Brent crude was at $115.02. | Light, sweet US crude was up $1.04 at $116.50 a barrel in Asian trading. London Brent crude was at $115.02. |
| Analysts said that Hurricane Gustav may inflict more damage than 2005's Hurricane Katrina to the region's oil rigs and refineries. | Analysts said that Hurricane Gustav may inflict more damage than 2005's Hurricane Katrina to the region's oil rigs and refineries. |
| The region produces 25% of the US's crude oil and 15% of its natural gas. | The region produces 25% of the US's crude oil and 15% of its natural gas. |
| About 4,000 offshore oil and gas facilities are located in the US gulf, 100 of which were badly damaged three years ago by Katrina and the follow on Hurricane Rita. | About 4,000 offshore oil and gas facilities are located in the US gulf, 100 of which were badly damaged three years ago by Katrina and the follow on Hurricane Rita. |
| Crude prices had increased last week as concern mounted about Gustav, before finishing slightly down on Friday. | Crude prices had increased last week as concern mounted about Gustav, before finishing slightly down on Friday. |