Oil prices rose more than $1 on Monday after energy firms in the U.S. Gulf shut down nearly all offshore oil output ahead of Hurricane Gustav.
U.S. light crude for October delivery rose $1.11 to $116.57 a barrel on the New York Mercantile Exchange.
London Brent crude futures rose 97 cents to to $115.02.
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Oil Prices Climbed $1
Oil prices rose more than $1 on Monday after energy firms in the U.S. Gulf shut down nearly all offshore oil output and a host of flood-prone coastal refineries ahead of Hurricane Gustav
