Oil above $85 in Asia

Global oil prices withstood threat from Irene hurricane as US oil prices edged up while Brent crude eased below $111 a barrel in London. WTI crude for October delivery was seen trading at $85.51 a barrel at 12.00 noon Singapore time while Brent crude for October delivery was at $110.62 a barrel on the ICE Exchange in London. In other Nymex trading for October contracts, Heating Oil fell 1.9 cent to $3.00 per gallon and Gasoline futures dropped 3.6 cents to $2.75 per gallon. Natural Gas for September delivery slid 2.6 cents to $3.91 per 1,000 cubic feet. Although most of the refineries and oil storage facilities in the US East coast withstood hurricane threats, at least 21 people have died due to it as authorities downgraded it from hurricane levels. Authorities also said nuclear plants along the east coast were also unaffected, with most expected to restart or boost output once the storm passes. Meanwhile, traders are also watching fresh developments from Libya as rebels now took full control of Tripoli and urged oil workers to join duty so that the country can restart oil production and export. Almost all of Libya\'s battered oil towns are struggling to get back to work after months of back-and-forth clashes between rebels and forces loyal to Muammar Gaddafi along the Mediterranean coast. On Friday, Oil also ended higher for the week as New York\'\'s main contract, West Texas Intermediate for October delivery, rose seven cents to $85.37 a barrel, not far from where it began the week. In London, Brent North Sea crude for October rose 74 cents to settle at $111.36 a barrel.