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Oil prices rose a bit Monday over fears that Tropical Storm Fay, which forecasters say likely will mature into a hurricane, could disrupt supplies in the Gulf of Mexico.
By midday in Europe, light, sweet crude for September delivery rose 26 cents to $114.03 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.24 on Friday to settle at $113.77 a barrel.
"There could be some supply disruption issues there so the market is watching this closely," Mark Pervan, senior commodity strategist at ANZ Bank in Melbourne, told The Associated Press.
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