Gold9472
08-28-2005, 09:43 PM
U.S. oil surges $4 to record above $70
http://today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2005-08-28T231240Z_01_SP16752_RTRIDST_0_BUSINESS-ENERGY-CRUDE-DC.XML
Sun Aug 28, 2005 7:13 PM ET
SINGAPORE (Reuters) - U.S. crude oil futures surged more than $4 in opening trade on Monday, hitting a new record high above $70 a barrel after Hurricane Katrina forced Gulf of Mexico producers to shut in more than a third of their output.
Katrina, which strengthened into a rare, maximum power Category 5 hurricane as it spun through key oil and gas fields toward New Orleans, shut in a total 633,000 barrels per day (bpd), according to company figures on Sunday.
It also forced the closure of seven refineries and a major U.S. crude import terminal.
Crude oil futures on the New York Mercantile Exchange (NYMEX) surged as high as $70.80 a barrel, up $4.67 a barrel, as traders feared lasting damage could further strain an industry that has struggled to keep up with demand for two years.
http://today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2005-08-28T231240Z_01_SP16752_RTRIDST_0_BUSINESS-ENERGY-CRUDE-DC.XML
Sun Aug 28, 2005 7:13 PM ET
SINGAPORE (Reuters) - U.S. crude oil futures surged more than $4 in opening trade on Monday, hitting a new record high above $70 a barrel after Hurricane Katrina forced Gulf of Mexico producers to shut in more than a third of their output.
Katrina, which strengthened into a rare, maximum power Category 5 hurricane as it spun through key oil and gas fields toward New Orleans, shut in a total 633,000 barrels per day (bpd), according to company figures on Sunday.
It also forced the closure of seven refineries and a major U.S. crude import terminal.
Crude oil futures on the New York Mercantile Exchange (NYMEX) surged as high as $70.80 a barrel, up $4.67 a barrel, as traders feared lasting damage could further strain an industry that has struggled to keep up with demand for two years.