Oil price rises


NEW YORK (AP) - Oil rose to near $89 per barrel Tuesday on expectations that supplies will be tighter in the wake of Hurricane Irene.

The storm forced several refineries and petroleum terminals to reduce production or shut down altogether. The East Coast may deal with lower fuel supplies in coming weeks, and traders are betting oil and gasoline prices will rise. Meanwhile, another tropical storm - Katia - is strengthening to a hurricane out in the Atlantic and may eventually head toward the U.S.

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