Oil prices leapt back to $60 a barrel on Tuesday as tropical storms threatening the Gulf of Mexico added to worries stocks will fail to build in time for peak fourth-quarter demand, Reuters reported. U.S. oil prices were up 60 cents at $59.35 a barrel after touching $60.10. It was an addition to gains late last week that halted a three-day fall from the all-time high of $60.95. Brent crude in London rose 71 cents to $58.65 a barrel, extending gains on Monday when the U.S. market was shut for Independence Day. Traders monitored weather forecasts in the United States after the National Hurricane Center in Miami said Tropical Storm Cindy was headed for the Louisiana to Florida coast, potentially threatening oil infrastructure in the Gulf of Mexico. The gulf is home to one quarter of U.S. oil and gas production. The NHC also said a depression had formed into Tropical Storm Dennis on Tuesday and was threatening to hit Cuba by Friday. Oil companies expected little production impact from the storms, especially compared to last September's Hurricane Ivan. But it was the earliest date on record for four named tropical storms, underscoring forecasts for a heavy 2005 hurricane season, the NHC said. --More 2319 Local Time 2019 GMT
