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SINGAPORE (AP) - Crude futures jumped Wednesday, approaching $61 a barrel mark as Tropical Storm Emily began to churn in earnest toward the already storm-battered Gulf of Mexico oil platforms, escalating concerns over supply disruptions.
The U.S. Energy Information Administration, meanwhile, raised its demand estimates for the second half of 2005 ahead of its petroleum data snapshot release, released later Wednesday. The data could show declines in both crude and gasoline levels — a likely result from disruption caused by Emily's predecessor, Hurricane Dennis.
Midmorning in Singapore, light, sweet crude for August delivery on the New York Mercantile Exchange gained as much as 33 cents to reach $60.95 a barrel before easing to $60.78. In New York floor trade Tuesday, the contract vaulted $1.70 to close at $60.62 a barrel after rising as high as $61.25 intraday.
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