Wilma’s course steadies oil price

OIL steadied above $63 (€52.63) a barrel yesterday as Hurricane Wilma seemed to set its course away from vulnerable rigs and refineries in the Gulf of Mexico.

Wilma has strengthened to a catastrophic Category 5 storm as it approaches Cuba and Mexico. Its path is expected to take it across southern Florida and away from the Gulf’s storm-battered oil and gas facilities.

The market’s focus shifted to US oil stocks data due later yesterday. The figures will show how the world’s biggest oil consumer is coping with the loss of much of its refining and oil output after the most intense hurricane season for decades.