17 October 2005, 15:31  Oil prices jump on fresh US Gulf storm fears

World oil prices rose strongly as traders tracked Tropical Storm Wilma in the Caribbean, raising new concern about hurricane-battered production in the US Gulf of Mexico, dealers said New York's main contract, light sweet crude for delivery in November, jumped 1.18 dollars to 63.81 dollars per barrel in electronic deals In London, the price of Brent North Sea crude for December delivery gained 1.17 dollars to 60.65 dollars per barrel. The November contract closed on Friday at 59.35 dollars "Oil prices surged over a dollar in early trade as a new storm forming in the Caribbean threatens to hit the Gulf of Mexico oil platforms for a third time this year," said Sucden analyst Sam Tilley Tropical Storm Wilma -- upgraded from a tropical depression over the northwestern Caribbean sea -- was the 21st named storm of the 2005 Atlantic hurricane season, the US National Hurricane Center said Monday That matched the record number of named storms set back in 1933, the Center said, adding that "some strengthening is forecast during the next 24 hours" Tilley said that Wilma "could move into the southeastern Gulf of Mexico by the end of the week"

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