Brent deliveries reach new highs after WTI record prices

| August 15, 2005 | 0 Comments
Brent deliveries reach new highs after WTI record prices

Crude oil prices fell from last weeks highs but remained high on Monday. Before falling, however, Brent crude for September delivery hit a new record high of $66.85 on the International Petroleum Exchange, while it ended the day 87 cents lower at $65.58 per barrel.

West Texas Intermediate crude September contracts lost 59 cents to close at $66.27. It has gone as high as $67.10 on Friday.

Analysts feel that prices will remain high because refinery problems have not been solved and because Middle East tensions continue to grow after US president George W. Bush said over the weekend that “all options are on the table” in reference to Iran’s insistence on restarting its nuclear program.

Meanwhile in other commodities, gold was off its Friday price of $449.50, an eight-month high, after the conditions driving the price, mainly purchases by investment banks, slowed down. In mid-morning trading in London on Monday, gold was down by $4.40 to $441.60 per troy ounce.

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