Gustav Fears Send Oil Prices Up Oil prices rose to above $117 a barrel in European trading Monday on fears that Hurricane Gustav will damage drilling and oil refining operations. One analyst said there's likely to be some damage and disruptions. U.S. markets are closed because of the Labor Day holiday.

Gustav Fears Send Oil Prices Up

Gustav Fears Send Oil Prices Up

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Oil prices rose to above $117 a barrel in European trading Monday on fears that Hurricane Gustav will damage drilling and oil refining operations. One analyst said there's likely to be some damage and disruptions. U.S. markets are closed because of the Labor Day holiday.

STEVE INSKEEP, host:

NPR's business news starts with Gustav sending oil prices higher.

(Soundbite of music)

INSKEEP: The storm may have weakened in recent hours, but just its approach was enough. U.S. markets are closed because of Labor Day, but overseas, oil prices rose above $117 per barrel in European trading. And that was on fears that Gustav would damage drilling and oil refining operations. One analyst said there's likely to be some damage and disruptions. During Hurricanes Katrina and Rita three years ago, some 100 oil platforms and five drilling rigs were destroyed.

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