August 27, 2012 11:31 AM

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Crude prices surges in Asia

Crude prices surged in Asia today as supply of oil and gas from the Gulf of Mexico was curtailed after Tropical Storm Isaac forced the closure of production facilities in the region. The Gulf of Mexico is the hub of US offshore energy production, accounting for 23 percent of US crude oil output and 7.0 percent of US natural gas production. New York's main contract, light sweet crude for October delivery soared 1.35 dollars to 97.50 dollars a barrel and Brent North Sea crude for delivery in October gained 1.40 dollars to 114.99 dollars.

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