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Oil around $89 per barrel on expectations that Irene affected East Coast supplies
NEW YORK (AP) ' Oil rose to $89 per barrel on the expectation 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. East Coast markets may deal with smaller fuel supplies in coming weeks, and traders are betting oil and gasoline prices will rise.
Benchmark crude rose $1.68 to $89 per barrel in New York. Brent crude jumped $1.92 to $113.80 in London.
A private firm says consumer confidence in August was at its lowest since April 2009. That could point to lower fuel demand. Analysts say, however, that it may not affect prices until refineries are back to full speed.
Gasoline pump prices were unchanged at a national average of $3.612 per gallon.