Supply Worries Push Oil Near $64

[Eugene]

http://www.washingtonpost.com/wp-dyn/content/article/2005/08/08/AR2005080801473.html

Supply Worries Push Oil Near $64

By Justin Blum
Washington Post Staff Writer
Tuesday, August 9, 2005; Page D01

Oil prices surged to a new high of nearly $64 a barrel yesterday as
the market reacted to persistent strong demand, refinery problems and
threats of terrorism abroad.

Traders said they were particularly concerned about reports that
terrorists were planning attacks in Saudi Arabia, the world's largest
oil-producing country. In the United States, fires and other
difficulties at refineries have cut production, raising concerns about
fuel supplies and contributing to the jump in prices, traders said.

Meanwhile, the thirst for oil -- particularly from China and India --
has grown even as prices have risen.

<snip>

U.S. benchmark crude oil for September delivery on the New York
Mercantile Exchange closed at $63.94, up $1.63 from Friday. While oil
closed at a record high, it remains below its inflation-adjusted peak,
set in 1981.

more...

On edit: Now $64.27 on Asian trading - http://news.bbc.co.uk/2/hi/business/4133702.stm

[rodeodance]

1. ironic that the so called 'energy' bill was signed on the same day.

[Delphinus]

2. and that the boy king

said the new energy bill was unlikely to lower gas prices anytime soon. But, boy, did big business come away licking their chops!