US oil prices rise after evacuation of Gulf rigs ahead of Hurricane Gordon
Singapore — US oil prices rose on Tuesday, breaking past $70 a barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.US West Texas Intermediate (WTI) crude futures were at $70.05 a barrel at 3.53am GMT, up 25c, or 0.4 percent from their last settlement.Anadarko Petroleum said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane.International Brent crude futures, by contrast, lost ground, trading at $78.07 a barrel, down 8c from their last close.This came as India allowed state refiners to import Iranian oil if Tehran arranges and insures tankers.Many international shippers have stopped loading Iranian oil as US financial sanctions against Tehran prevents them from insuring its cargoes.Mirroring a step by China, where buyers are shifting nearly all their Iranian oil imports to vessels owned by the National Iranian Tanker...
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