Oil Prices - KLFY News 10

Oil Prices

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Oil prices rose today after a fierce superstorm that caused havoc across the northeastern U.S. and was threatening to inflict more damage inland.  Concerns about oil supplies pushed benchmark crude for December delivery up 18 cents at midday Bangkok time to $85.86 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 14 cents to finish at $85.68 a barrel in New York.  A hurricane that evolved into a winter superstorm, Sandy cut power to more than 8 million homes, shut down 70 percent of East Coast oil refineries and inflicted worse-than-expected damage in the New York metropolitan area. That area produces about 10 percent of U.S. economic output.

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