Oil rises as Isaac plows through Gulf

Oil prices are rising as Tropical Storm Isaac pushes into the heart of the U.S. Gulf's oil and refinery operations. Benchmark crude gained 41 cents to $95.88 per barrel Tuesday morning in New York, according to AP. Forecasters expect Isaac to intensify into a hurricane by the time the storm reaches Louisiana later Tuesday. Nearly 80 percent of oil production in the Gulf of Mexico had been halted as of Monday afternoon. A number of refineries have shut down or curtailed production. Although the storm isn't expected to damage refineries, refinery owners often shut down operations in advance of a storm. Oil analysts said traders are focusing on a Venezuelan refinery explosion, Isaac and U.S. consumer confidence, which fell in August despite improving U.S. job and housing markets.