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Oil Prices Surge Over $60 a Barrel

Oil extended gains after closing at a seven-week high as a third of the Gulf of Mexico’s crude output was halted by a storm and U.S. crude inventories declined more than expected.

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Futures in New York rose as much as 0.8% after settling above $60 a barrel on Wednesday for the first time since May. Major producers from BP Plc to Chevron Corp. have evacuated crew from offshore installations due to the storm, which could grow into a hurricane this week. A fourth weekly draw in American stockpiles and signs that the Federal Reserve is prepared to cut interest rates also supported prices.

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