WTI oil trading near $80 as Gulf storm Bonnie fades away

WTI oil prices open trading close to the $80 mark in Asia as the US Gulf gets spared from the worst of tropical storm Bonnie which fell apart as it continued across southern Florida and the Gulf of Mexico.

US Light crude oil futures for September 2010 delivery was at $79.20 a barrel, 08.00 GMT on the NYMEX.

About 28 percent of the Gulf’s US oil production and 10 percent of natural gas output was halted by the storm, the US government had commented.

Bonnie fizzled on Louisiana’s coast and the ships returned. But as peak hurricane season approaches, the potential for another storm related delay remains high.

Meanwhile, the effort to plug BP’s leaky oil well in the Gulf of Mexico was back on track yesterday as the skies cleared and crews raced to stop the gusher for good before another storm halts the operation again.