Oil futures were steady Monday near the previous session's closing price as worries eased over the threat of a hurricane to key oil infrastructure in the Gulf of Mexico. Light, sweet crude for October delivery rose 13 cents to US$74.17 a barrel in Asian electronic trading on the New York Mercantile Exchange, midafternoon in Singapore. Trade was expected to be sluggish due to the U.S. Labor Day holiday. The October contract added 68 cents Friday to settle at US$74.04 a barrel, a four-week high. Worries over a Category 5 Atlantic storm, Hurricane Felix, eased as it churned its way into the open waters of the Caribbean Sea Sunday and looked less likely to hit the Gulf of Mexico, where key refineries are located. Oil prices have also been supported by U.S. government reports that consumer spending and factory orders rose in July. Energy investors pay close attention to economic data because an economy's strength is seen as a barometer of demand for oil and gasoline, according to a report of the Associated Press. October Brent crude gained 26 cents to US$72.95 a barrel on the ICE futures exchange in London. Nymex heating oil futures dropped 0.53 cent to US$2.0627 a gallon (3.8 liters), while gasoline prices were flat at US$1.9645 a gallon. Natural gas futures fell 0.9 cent to US$5.459 per 1,000 cubic feet.
