The amount of oil production losses caused by hurricanes Ike and Gustav in the energy-rich US Gulf of Mexico is far greater than initially predicted, helping to keep prices above $100 (€68, £54) a barrel in spite of slower economic growth.

Refineries have been particularly badly hit, with a lack of power slowing their return to operation. The output drop is forcing fuel distributors to draw down the country’s gasoline stocks to the lowest level in 41 years to maintain supplies.