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Crude Oil Futures Close Above 62 Dollars a Barrel in New York

Posted on: Saturday, 6 August 2005, 09:00 CDT

Crude oil futures close above 62 dollars a barrel in New York

NEW YORK, Aug. 5 (Xinhua) -- Crude oil prices settled above 62 dollars per barrel Friday as traders worried that refiners in the United States might not be able to meet summer fuel demand.

On the New York Mercantile Exchange, light, sweet crude oil futures for September delivery climbed 93 cents to end at 62.31 dollars a barrel. Prices touched 62.45 dollars a barrel in earlier trading. Analysts said a breach of the record high of 62.50 dollars per barrel that reached on Wednesday was just a matter of time.

Meanwhile, on London's International Petroleum Exchange, the September Brent crude oil futures rose 95 cents to close at 61.07 dollars per barrel.

Friday's rally strengthened late in the session, as fresh news headlines and market rumors about trouble at several US refineries added to worried about refiners ability to meet summer fuel demand. The exact extend of the refinery troubles wasn't known. But analysts estimated that the some 3 percent of US refining capacity might be affected.

The release of a positive US jobs report, which indicated the nation's economy was still growing rapidly, also overshadowed the energy markets. Growing economy would consume more crude oil.

Source: Xinhua News Agency - CEIS

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