NEW YORK, October 18 (RIA Novosti, Andrei Loshchinin) - Oil prices were up 3% on the New York Mercantile Exchange (NYME) Monday amid concerns about a new tropical storm looming in the Caribbean Sea.
Crude finished at $64.36 at the close of trading, or $1.73 higher on Friday after weathermen warned about incoming Tropical Storm Wilma 370 kilometers northeast of Honduras. They said it was moving toward the Gulf of Mexico and could develop into a hurricane by Tuesday.
Oil reached a record high of $70.85 August 30 in the aftermath of the destructive Hurricane Katrina, as the capacity of oil production facilities and refineries in the Gulf of Mexico fell by 10%.
