By Mark Shenk
Sept. 20 (Bloomberg) — Crude oil in New York rose to a record for a seventh day after the U.S. said that production in the Gulf of Mexico was shut in because of a storm threat.
More than 360,000 barrels, or 28 percent, of daily oil output was idled, the U.S. Minerals Management Service said today in a statement. Prices were already higher on signs that U.S. interest-rate cuts and a falling dollar will bolster demand.
“The storm threat and falling dollar are pushing us higher,” said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc. in New York. “We will see even bigger inventory draws in next week’s statistics as a result of the evacuations in the Gulf.”