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Friday 14th of September 2007

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Oil futures continue to make record prices


by Brian Turner
August 8, 2005
Raw material costs show strengthening UK inflation

The price of West Texas Intermediate crude oil for September delivery gained $1.63 to $63.94 per barrel on the New York Mercantile Exchange, while September contracts for Brent crude on the International Petroleum Exchange were also up $1.63 to $62.70 per barrel on Monday.

WTI closed 1 cent short of a new record high of $63.95 per barrel, reached earlier in the day. The Brent close was a new record high.

The increases were due to security concerns in the Middle East and the possibility of gasoline shortages for the rest of the summer.

US embassy and consulate buildings in Saudi Arabia were closed down due to what the US State Department characterized as “specific and credible” terrorist threats.

In Iran, meanwhile, a new president was sworn in and Tehran rejected a European Union plan to stop Iran’s nuclear program.

Prices have also been driven by fears of more supply disruption by hurricanes and by unexpected refinery closures in the US over the past two weeks, driving down us gasoline inventories.

Exxon Mobil’s Joliet, Illinois refinery that produces 245,000 barrels of gasoline per day has been down. In addition, BP’s Texas City refinery has had two units closed since last Tuesday, although BP said on Monday that the largest of the two, capable of refining 62,000 barrels per day, will be reopened.



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