Oil leapt more than $1 on Friday as a storm brewing in the Caribbean threatened to sweep through the U.S. Gulf next week and menace oil supplies yet to recover from last year's hurricanes.It also shut down a considerable percentage of natural gas production too. Cross your fingers.
A spinning band of squalls in the Caribbean was on the verge of becoming Tropical Storm Ernesto and was expected to head northwest toward the Gulf of Mexico by the middle of next week.
"Everybody came in and saw the story about the potential of this storm," said Kevin Blemkin, a broker at Man Financial. "People get a little bit excited about these things and we go from strength to strength."
It was a year ago that hurricane Katrina hit the Gulf and temporarily shut in a quarter of U.S. oil production.
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