The crude oil price rose over 3% to near 79 dollars a barrel after the National Center for hurricanes in the United States estimated that 80% is likely forming tropical storm in the Atlantic to strike the Gulf this weekend. This will disrupt oil production in the bay and will make cleaning the oil spill caused by the explosion and sinking of the oil platform BP Deepwater Horizon. About 31%, or 1.69 million barrels of daily production of crude oil in the U.S. comes from platforms in the Gulf of Mexico. The strong rise in the price of energy and raw materials contributed depreciation of the dollar which retreated from almost all major currencies. Oil futures rose 3.1 percent, or 2.35 dollars to finish the trade in New York at the level of 78.86 dollars a barrel. This was the biggest daily rise since June 9 and the highest price level for last seven weeks. Euro more expensive by about half a percent against the dollar to 1.2387 dollars per euro. Fall of course the dollar and lowers oil price expressed in other currencies. This increased the Brenta to 1.86 dollars or 2.4 percent, to 78.33 dollars per barrel on the International Petroleum Exchange in London.
Oil is more expensive by 12% over the past 12 months.