Crude Oil Tops $70 Per Barrel
Posted on: Monday, 29 August 2005, 12:00 CDT
Crude oil prices Monday hit another nominal high as Hurricane Katrina forced the closure of nearly half of all Gulf of Mexico oil and natural gas output.
High-quality crude for October delivery on the New York Mercantile Exchange hit $70.80 per barrel before falling to $69.25, still a $3.12-per-gallon rise, the Financial Times reported.
Gulf oil producers have shut 633,000 barrels per day of production capacity, 42 percent of the total in the region that produces about a quarter of U.S. production capacity.
Seven oil refineries were pulled out of production in Louisiana as Katrina crashed onto shore south of New Orleans. Those refineries have a combined daily refining capacity of 1.449 million barrels per day -- about 8.5 percent of U.S. capacity.
Source: United Press International
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