Oil Prices Fall Amid Refineries' Recovery
Posted on: Tuesday, 4 October 2005, 09:00 CDT
Oil prices fall amid refineries' recovery
NEW YORK, Oct. 3 (Xinhua) -- New York oil prices fell Monday, while US was prepared to tap an emergency supply of heating oil in the Northeast and the refineries interrupted by storm were restarting.
Light, sweet crude for November delivery on the New York Mercantile Exchange closed down 77 cents at 65.47 dollars a barrel compared with Friday's close. November gasoline shed 3.46 cents to 2.0622 dollars a gallon while the heating oil contract lost 4.87 cents to 2.0809 a gallon.
November Brent futures slipped 59 cents to 62.89 dollars per barrel on London's International Petroleum Exchange.
US Energy Secretary Samuel Bodman said Monday the government was "prepared to do what is necessary with strategic reserves," in response to a question about the Northeast emergency heating oil supply.
Exxon Mobil Corp. said Monday that one of its refineries in Beaumont, Texas, is a step closer to processing 348,500 barrels a day of oil. There still leaves seven other refineries in Texas out of service in the aftermath of Rita, and four off-line in Louisiana and Mississippi as a result of Rita.
Source: Xinhua News Agency - CEIS
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