Crude Oil Dips Below $69 Per Barrel
Posted on: Thursday, 6 October 2005, 09:00 CDT
High-quality crude oil fell below the psychologically significant $60 per barrel mark Thursday in London trading.
So-called Brent crude on the International Petroleum Exchange fell 67 cents to $59.45, the Financial Times reported.
In New York, a barrel of similar crude oil fell 1.4 percent to $61.90 per barrel.
Gasoline on the New York Mercantile Exchange dropped about 2 percent to $1.87 per gallon, and heating oil drifted down slightly to $1.9833 per gallon.
Natural gas, however, rose 1.6 cents.
The generally downward movement in energy prices reflects the slow resumption of production and refining operations from storm-battered sites in the Gulf of Mexico. Chevron Corp., for example, said Thursday it was restarting its 325,000 barrel-per-day Pascagoula, Miss., refinery.
Source: United Press International
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