Storms Close Mexico Oil Ports

Mexico has closed all of its main oil exporting ports due to bad weather, causing a rise in US crude oil prices.

Petróleos Mexicanos stopped oil shipments from the Gulf of Mexico on Sunday morning after strong winds and heavy rains closed terminals, according to the country’s transport ministry.

The ports of Dos Bocas, Cayo Arcas and Coatzacoalcos, which ship around 80 percent of Mexico's daily oil exports, remain shut.

Meanwhile, OPEC has dismissed further calls from the US to boost oil output, saying the global market is well supplied.

The US Energy Secretary Sam Bodman urged top exporter Saudi Arabia and OPEC to raise supply during a visit to the kingdom.

His appeal comes just days after US President George Bush asked the group for more oil during a visit to Riyadh.

US crude prices settled at $90.57 a barrel on Friday, having fallen from a record of over $100 at the start of the year.

OPEC's next meeting is on 1 February.

By Ozge Ibrahim