Gustav pushes up oil prices

The price of Crude oil appears to be heading for its biggest weekly increase in almost two months.



Oil producers yesterday evacuated rigs ahead of Tropical Storm Gustav, which is forecast to become the worst hurricane in the Gulf of Mexico since Katrina in 2005.



Gustav is expected to reach Louisiana in the United States next week, passing through the Gulf of Mexico.



The Gulf is home to a quarter of the U.S. oil output and 14 percent of natural gas production.



Experts say Gustav could halt 1 point 2-7 million barrels a day in oil production if it strikes the Central Gulf Coast, but say the price will depend on the size of the hurricane.