Hurricane Ida projected path, hurricane ida path, Ida sends oil prices spiralling

KUALA LUMPUR, Nov 9 (KUNA): Hurricane Ida projected path, hurricane ida path, Ida sends oil prices spiralling. Oil prices in Asia rose from a one-week low as the dollar weakened and Hurricane Ida entered the Gulf of Mexico, forcing oil companies to close a number of their facilities.

Oil prices exceeded the USD 78 a barrel mark after Ida became stronger upon entering the gulf, which accounts for 27 percent of US oil production and 15 percent of natural gas production.

The dollar declined against 12 of 16 main currencies, making commodities more attractive as investments.

Crude oil for December delivery increased USD 1.02, or 1.3 percent, to USD 78.45 a barrel in after-hours electronic trading on the New York Mercantile Exchange.

In Singapore, it was at USD 78.37 on Monday.

On November 6, contracts dropped USD 2.19, or 2.8 percent, to USD 77.43, the lowest level since October 30, after a US report showed that unemployment climbed to 10.2 percent, the highest in 26 years.

Oil prices also hiked after Petroleos Mexicanos, Mexico's government oil company, closed about 90 wells in Veracruz and Tabasco because of the storms and floods.

Oil reached its highest level in a year, which was USD 82 per barrel, on October 21 as shares hiked, boosting the confidence of investors.

Ida's speed reached 105 miles, or 169 kilometers, per hour.

The Louisiana Offshore Oil Port, which exports oil, stopped loading tankers Sunday afternoon because of high waves.

Deliveries to refiners are being met through stored oil.

The system could provide one million barrels daily, or about 12 percent of US imports.

Chevron, the US's second-largest oil company, said in a press release on Monday that it closed several of its facilities in the gulf and evacuated some of its employees.

Meanwhile, Exxon Mobil Corp., the world's biggest oil company, said its operations in the gulf were normal.

In addition, oil prices were supported by the fall of the dollar against the euro on Monday after the Group of 20 agreed to maintain the stimulus measures.

Investors purchase commodities including crude as an inflation hedge as the currency drops.

The US dollar rate came to 1.4938 per euro in Tokyo Monday, compared to 1.