Oil prices in upward storm as nature wips the Gulf again

Both Brent and Light crude oil prices ended the week trading higher as hurricane Alex contemplates wiping the Gulf of Mexico and the oil platforms that lye in it’s wake.

WTI oil price ends the week trading at $79.09, a massive plus $3 USD per barrel gain on the opening rates, while in London, Brent crude oil prices settled the week trading at $78.40 on the ICE Futures Exchange.

“The Air Force is flying planes into the system right now,” NOAA spokesman Chris Vaccaro told Surge Desk. “They’ll crisscross the storm, and drop a variety of instruments into it to measure things like wind speed, pressure, and humidity.”

On its website, NOAA has been posting regular updates on the formation of the storm, and Vaccaro said that after it hears back from the Air Force team, the National Hurricane Center will determine if the storm has risen to a level significant enough to be named.