Light oil prices trading up over $86 on messy Gulf oil spill

US Light oil prices are trading back over $86 on Monday, supported by speculation that the messy, ever growing oil spill off the US Gulf of Mexico would help draw down crude oil stocks.

Light crude oil futures for June delivery was at $86.06 a barrel at midday on Monday, Singapore time on the NYMEX.

A vast oil slick bore down on the US Gulf Coast on Sunday, as desperate efforts to check the oil flow and disperse and contain the spreading slick were being hampered by high winds and rough seas.

In the first sign that the massive oil spill, from a well owned by BP, was affecting the region’s energy production, the US government said two offshore oil production platforms in the area have been shut as a safety precaution, as efforts to complete a relief well to stem the oil flow could take up to 90 days.

Some analysts expect the 30 mile oil slick caused by as much as 210,000 gallons of crude gushing into the Gulf each day could undermine imports to key Louisiana terminals, helping to lower crude inventories and boost prices.

“The potential disruption of oil tanker traffic in the Gulf of Mexico is already having an impact on oil prices.” Goldman Sachs said in a report. “Traffic of oil service boats and oil tankers through the Gulf will likely be slowed.”

Light oil futures are near a one and a half year high of $87, last touched in early April.

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