Crude Oil Prices Rise Over $82 Due to Gulf Storm Threat

Crude oil prices have risen above $82 in trading today as prices were driven higher due to some oil companies in the Gulf of Mexico shutting down their operations due to the possible threat of a storm.

For the past week, oil prices have been above $80, having been pushed higher by a combination of factors.

Some of the factors that are pushing oil prices higher are falling crude stocks in the United States, the threat of hurricane damage to oil facilities in the Gulf of Mexico and a weak US dollar.

Also, as energy analyst Sam Kirtley of The Uranium Stocks Newsletter said today, the fact is oil is running out, “When all is said and done, the fact of the matter is that long term, oil prices will continue to move north as oil is running out. After oil, the world will turn to nuclear energy and that will requite a great deal of uranium, which is why believe that uranium stocks will prove to be very profitable over the next few years.”

Whilst that may be the case for the longer term, short term everyone in the oil industry is watching the weather in the Gulf of Mexico as oil companies have shut close to a third of U.S. oil output in the Gulf as a precaution against a tropical disturbance becoming a storm as it enters the region.

Do you think crude oil prices will continue to rise?

Do you think oil prices can stay above $80?

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