Oil Price Inches Higher on Demand Worry
Posted on: Wednesday, 24 August 2005, 09:00 CDT
Oil price inches higher on demand worry NEW YORK, Aug. 23 (Xinhua) -- Crude oil price inched up slightly on Tuesday after a power failure in Iraq and traders waited for the weekly report on US energy inventories Wednesday.
Light sweet crude contract for delivery in October climbed six cents to 65.71 dollars per barrel in New York's closing trade. London Brent crude rose 15 cents to 64.65 dollars a barrel.
Loadings and exports from Iraq's southern Basra oil terminal could return later on Tuesday after the power cut, said a shipping source. "Overall, energy prices remain extremely sensitive to any sort of supply disruption," said a report from Refco, the world's biggest online futures broker. "We expect crude to trade a volatile range in the mid-60 dollars until more demand data become available," the report said. Traders remained concerned about tight supplies amid strong global demand but the US energy report was expected to show a rise in crude stocks and distillates -- giving investors some relief.
Source: Xinhua News Agency - CEIS
Related Articles
- Crude Oil Drops Almost a Dollar Per Barrel
- Vietnam to Gain Record Crude Oil Export Earnings This Year
- Energy Prices Creep Up, but Crude Oil Off
- Crude Oil Prices Surge Above 61 Dollars
- Crude Oil Prices Rally After IEA's Demand Forecast
- Crude Oil Futures Decline to Six-Week Low ; Sharp Rise in Prices Weakening Global Demand
- Mitsubishi Chem. May Again Raise Resin Prices on Crude Oil Price Surge
- US Crude Oil Prices Surge Above 70 Dollars Per Barrel
- Crude Oil Futures Nearly Flat on Decreased Gasoline Demand
- Crude Oil Futures Close Above 62 Dollars a Barrel in New York
 |
 |
User Comments (0)
RSS Feeds