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Monday, November 09, 2009

Ida Weakens To Category 1 Hurricane

By Polya Lesova

MarketWatch Pulse

FRANKFURT -- Hurricane Ida has weakened slightly and is now a Category 1 hurricane, with additional weakening forecast over the next 24 hours, the U.S. National Hurricane Center said in an advisory on Monday. Maximum sustained winds have decreased to near 90 miles per hour. However, a hurricane warning remains in effect for the northern Gulf Coast. Ida is expected to move across the Gulf of Mexico on Monday and approach the northern Gulf Coast tonight or early Tuesday. A "dangerous storm surge" will raise water levels by as much as four to six feet above ground level along the coast near and to the east of where the center of the hurricane makes landfall, the advisory said. "Near the coast, the surge will be accompanied by large and destructive waves," it said. Oil futures gained, boosted by worries that the hurricane may disruptproduction at oil and gas installations in the Gulf of Mexico. Crude oil for December delivery gained 93 cents, or 1.2%, to $78.36 a barrel in electronic trading on Globex.

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