Crude oil prices rose slightly Thursday after two days of decline as the Minerals Management Service
Crude oil prices rose slightly Thursday after two days of decline as the Minerals Management Service reported that the shut-in figures grew.
Light sweet crude futures for October deliveries rose 12 cents to close at 64.49 dollars a barrel on the New York Mercantile Exchange. Brent crude on the International Petroleum Exchange rose 19 cents to close at 63.08 dollars a barrel.
The MMS said that more than 60 percent of oil production in the Gulf, or 901,726 barrels a day, was shut in, or closed, as of midday Thursday, up from about 57 percent Wednesday. Shut-in gas production remained steady at about 40 percent.
Since Aug. 30, in the aftermath of Hurricane Katrina, shut-in oil has steadily decreased from more than 95 percent, while shut-in gasoline has fallen from 88 percent.
The Energy Information Administration said Thursday the average price of retail gasoline rose 46 cents to 3.07 dollars a gallon as of Monday, but indicated that retail gasoline prices may be peaking.
