Oil rises above $119 as Gustav approaches - News Wires - CNBC.com

Oil prices spiked above $119 a barrel Wednesday on fears that Tropical Storm Gustav may strike the U.S. Gulf Coast, home to a quarter of U.S. crude production, as a powerful hurricane.

The U.S. National Hurricane Center in Miami said the storm could head toward the U.S. Gulf Coast as a dangerous Category 3 hurricane early next week.

Current models show Gustav heading through the center of the gulf oil fields and right for New Orleans.

Gustav has been down graded but is expceted to become a category three once it enters the Gulf

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