WTI oil futures open Monday’s trading session firm at $85 a barrel after the weekend saw US crude oil refineries escape any major damage from Hurricane Irene which hit the US East Coast and passed directly over New York early on Sunday. Latest WTI Oil Price US Light crude oil futures for October 2011 delivery was trading at $85.66 a barrel, 07.20 GMT this morning in electronic trading on the NYMEX. Irene Hits East Coast Tropical Storm Irene packed hurricane force winds when it slammed into the East Coast near North Carolina this weekend and headed north into New York. The storm was blamed for at least 21 deaths, widespread severe flooding and more than 4 million homes and business losing power. “The greatest impact from the storm is likely to be the impact on regional economic activity caused by flooding and power outages. These could take some time to restore to normal, and is therefore likely to reduce petroleum demand in the interim.” JP Morgan said in a report. Irene was 20 miles south of St. Johnsbury, Vermont, with winds of 50 miles per hour and moving north to northeast at 26 miles per hour as of a National Hurricane Center update at 8pm New York time. Seven US oil refineries with a total of 1.2 million barrels per day of oil refining capacity, or 73 percent of the 1.7 million barrels per day total in the US Northeast were in the storm’s projected path.

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