Multiple factors send crude prices higher

Oil prices rose Friday on fears of a new storm in the Gulf of Mexico, on reports of higher consumer spending and factory orders in July and in anticipation of a meeting of the Organization of Petroleum Exporting Countries next month.

The storm worries are being caused by reports of a tropical wave in the central Atlantic, nearing the Windward Islands, that could turn into a tropical depression and could conceivably move on to threaten Gulf of Mexico oil facilities.

Also supporting prices were expectations that OPEC will hold production quotas at present levels when the cartel meets on 11 September and a report that consumer spending rose by 0.4 percent in July while US factory orders were up by 3.7 percent in the same month.

Brent crude for October delivery added 76 cents to $72.66 per barrel on the Intercontinental Exchange in London, while October contracts for West Texas Intermediate crude were 68 cents higher to $74.04 per barrel on the New York Mercantile Exchange.

Nymex December gasoline gained 1 cent to $1.91 per gallon, while October heating oil was also up 1 cent, to $2.06 per gallon.

October natural gas was 15 cents lower to $5.49 per million British thermal units.