Crude futures jumped more than US$1 a barrel Monday, driven up by concerns that a tropical depression brewing in the Caribbean may grow into a hurricane and could threaten the U.S. Gulf of Mexico and oil facilities there. Light, sweet crude for November delivery rose US$1.18 to US$63.81 a barrel in Asian electronic trading on the New York Mercantile Exchange. On Friday, the contract slipped 45 cents to US$62.63 a barrel. December Brent futures on the International Petroleum Exchange in London rose US$1.10 to US$60.58 a barrel. Heating oil gained 4.55 cents to US$1.9955 a gallon (3.8 liters) while gasoline climbed 5.69 cents to US$1.8055. Natural gas rose US$0.662 to US$13.881 per 1,000 cubic feet. Tropical Depression 24, a slow-moving system formed Saturday, was expected to become Tropical Storm Wilma, which would make it the 21st named storm of the season, tying the 1933 record for the most storms in an Atlantic season, the National Hurricane Center in Miami said Sunday. The depression, now centered about 150 miles (245 kilometers) southeast of Grand Cayman, Cayman Islands, could grow into a hurricane by Tuesday and move into the southeastern Gulf, with winds over 100 mph (161 kph) by Friday, the center said. Most U.S. oil production and refineries are in the central and western Gulf. Forecasting the storm's direction is extremely difficult at this early stage, but traders are nervous about yet more damage to oil facilities after Hurricanes Katrina and Rita, The Associated Press reported. --SP 1303 Local Time 1003 GMT
