LONDON (SHARECAST) - Normal floor trading was closed in the US on Monday as Hurricane Sandy hits the East Coast of America.
All trading venues will remain closed on Tuesday and, weather conditions permitting, markets could re-open on Wednesday.
Sandy, which is producing 85 mile-per-hour winds, hit New York city Monday evening at the heart of the financial district and is on track to pass over around 6% of total US oil-refining capacity. The East Coast's largest oil refinery in New Jersey, the Bayway plant, closed down Sunday night.
Crude oil for December delivery settled up 23 cents at $86.28 a barrel on Friday and prices are expected to rise as Sandy continues to bear down on the US.
Sandy also threatens to cause significant damage to the US economy with some analysts already warning that the hurricane will slow growth this quarter.
On the ICE futures exchange Brent for December futures closed down 11 cents or 0.1% at $109.44.
Gasoline futures settled up 2.1% at $2.757 a gallon on the New York Mercantile Exchange after soaring as high as 4.2% earlier in the day.
Among precious metals gold futures settled lower on Monday in electronic trading.
Gold for December delivery declined $3.20 to settle at $1,708.70 an ounce.