US oil supply problems still worries
- From: "Rifleman" <steve.day1170@xxxxxxxxxxxxxxxx>
- Date: Mon, 15 Aug 2005 19:02:17 +0000 (UTC)
Oil prices slip from record high
US crude oil slid back to $66.25 a barrel on Monday as some US refineries
returned to full operation after nearly three weeks of shutdowns.
The price of a barrel of US light, sweet crude had hit yet another record on
Friday, breaching $67 before closing at $66.80.
Oil prices have risen recently due to a shortage of refining capacity and
fears over Iran's nuclear intentions.
Chevron reopened the larger of two shut refining units in California on
Friday.
Iran's ambitions
In London, the price of Brent North Sea crude oil for delivery in September
fell to about $66.43 per barrel on Monday after closing at $66.50 dollars on
Friday, a record high.
There have been more than a dozen breakdowns at US oil installations, the
latest of which hit a ConocoPhillips refinery in Illinois.
But some units have started to reopen just as the US summer-holiday driving
season draws a bit nearer to its close. The season ends on 5 September.
The US oil price is about 50% higher than at the start of the year, despite
the fall in the price of a barrel of US light sweet crude.
Many traders think it will rise towards $70 a barrel before long, citing
continuing tensions over Iran's nuclear ambitions and its nomination of
acting Tehran Mayor and oil industry outsider, Ali Saeedlou, as oil
minister.
There are also concerns that Tropical Storm Irene could hit the Gulf coast
of the US, disrupting oil supplies.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/business/4151984.stm
Published: 2005/08/15 10:20:01 GMT
© BBC MMV
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