Summary
NEW YORK -- Crude-oil futures surged more than $4 -- the biggest one-day price jump ever -- amid worries that Tropical Storm Rita strengthening off the Bahamas could hit U.S. oil facilities in the Gulf of Mexico later this week, striking another blow at an industry struggling to recover from Hurricane Katrina.
The swells in crude, heating oil and gasoline futures came as OPEC ministers met to discuss how to relieve price pressures in the oil market and expressed concern that Rita would bear down on the hurricane-ravaged U.S. Gulf Coast.See the full content of this document
Extract
Oil Jumps by $4 a Barrel
Benchmark light, sweet crude for October delivery rose $4.39, or 7 percent, to settle at $67.39 a barrel Monday on the New York Mercantile Exchange.
Nymex crude -- still more than $3 off its all-time high o...See the full content of this document
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