Brent oil trading back over $115, new Hurricane Katia develops

Brent oil futures open today’s trading session trading back over $115 a barrel as crude prices see a boost higher after news that Tropical Storm Katia, swirling in the middle of the Atlantic Ocean, had officially become the second named hurricane of the 2011 season.

Latest Brent Oil Price

In London, Brent crude oil futures for October 2011 delivery was trading at $115.03 a barrel, 06.25 GMT this morning on the ICE Futures Exchange. Brent closed Wednesday’s trading session at $114.60, up 0.5 percent on the day.

Hurricane Katia

Hurricane Katia has recently formed as the second major storm of the Atlantic Season and is headed west across the ocean.

Katia is currently around 1,100 miles east of the Leeward Islands in the Caribbean and has maximum winds near 75 miles per hour. The storm is traveling at 20 mph and may move to the north of Puerto Rico by 4th September.

Meanwhile, a system of clouds and thunderstorms over the southeastern Gulf of Mexico has a 60 percent chance of becoming a tropical cyclone in the next two days.

“Interests along the entire northern Gulf of Mexico coast should monitor the progress of this disturbance.” according to US weather officials.

Original post:
Brent oil trading back over $115, new Hurricane Katia develops