Sept. 1 (Bloomberg) -- Crude oil and gasoline rose in New York as Hurricane Gustav approached the U.S. Gulf coast, forcing the closure of refineries and evacuation of offshore rigs.

Crude oil for October delivery rose as much as $2.54, or 2.2 percent, to $118 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $116.36, up 0.8 percent, at 1:36 p.m. in Singapore. Prices, which dropped 7 percent in August, are up 22 percent this year.           

Gulf Coast refineries have cut at least 1.56 million barrels a day of production, about 9.8 percent of the U.S. total. Eight refineries have announced shutdowns, while a further five have reduced capacity.