Hurricane Emily concerns futures traders

Crude oil prices were up on Friday as worries heightened that Hurricane Emily might venture into areas of the Gulf of Mexico where oil production facilities are located and interrupt supplies.

West Texas Intermediate for August delivery gained 55 cents to $58.35 per barrel on the New York Mercantile Exchange, while Brent crude September contracts on the International Petroleum Exchange were up 54 cents to $57.50.

Prices had continued to drop on Thursday as concerns over short supplies in the fourth quarter diminished on Wednesday’s distillates inventories report, as well as on reports that Hurricane Emily would miss Gulf oil production facilities altogether.