Record Business Insider: Storm Threat to Fuel Prices
Posted on: Friday, 8 July 2005, 06:00 CDT
FUEL prices will come under pressure after the cost of crude oil rose to new highs yesterday.
The surge was caused by fears of supply disruptions from tropical storms off the coast of the United States.
A barrel of benchmark US light crude for August delivery hit a high o $61.63 in trading in Asia before falling back to settle at $61.46.
Oil-dependent stocks came under pressure, including British Airways, cruise giant Carnival and engine maker Rolls-Royce, which both weakened by two per cent.
Oil traders fear a repeat of last year's Hurricane Ivan, which damaged oil platforms in the Gulf of Mexico and caused others to shut down for months.
Tropical storm Cindy disrupted production and refining operations in the Gulf of Mexico yesterday after causing a power failure.
Although it has now lost much of its strength, tropical storm Dennis is poised to move into the Gulf this weekend.
Traders are nervous because the supply disruptions have taken place when oil producers are struggling to meet global demand, particularly from China.
Source: Daily Record; Glasgow (UK)
Related Articles
- Gulf Oil Brings Alternative Fuels to New England
- Majority of Offshore Oil and Gas Production Still Shut In One Week After Hurricane Ike, an Industrial Info News Alert
- Gustav Spares Chemical Industry of Major Damage but Leaves a Wide Path of Plant Disruptions, an Industrial Info News Alert
- Higher Oil Prices Erase Early Gains
- Tropical Storm Ophelia weakens off Florida
- Gas Prices Rise, Again, to Record Level in R.I.
- Stocks Sink As Oil Continues to Rise
- Stocks Sink Amid Record Oil Prices
- Stocks Sink As Oil Reaches Record High
- Dow Drops 85 As Oil Reaches Record High
 |
 |
User Comments (0)
RSS Feeds