In New York, oil prices have risen 68 per cent in the past year, and the primary reason of late has been the storms in the Gulf of Mexico, particularly Hurricane Ivan, which damaged oil platforms and lowered production in the main U.S. production area.
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OIl Prices Keep On Rising
Oil prices climbed on Monday trading in New York
Oil prices climbed on Monday trading in New York to a new record of $53.64 a barrel after the biggest U.S. oil-import terminal closed because due to bad weather. The intra-day trading record was $53.80 a barrel.
In London?s IPE Brent crude futures for November delivery also breached the mark of $50, rising 95 cents to $50.66 a barrel. It also hit an intra-day record of 50.70.
Another reason cited for the price hikes were fears that a strike in Nigeria would further hit production. Oil workers in Africa's biggest oil producer threatened to join in a nationwide strike that began Monday and was called to protest rising fuel prices.
In New York, oil prices have risen 68 per cent in the past year, and the primary reason of late has been the storms in the Gulf of Mexico, particularly Hurricane Ivan, which damaged oil platforms and lowered production in the main U.S. production area.
In New York, oil prices have risen 68 per cent in the past year, and the primary reason of late has been the storms in the Gulf of Mexico, particularly Hurricane Ivan, which damaged oil platforms and lowered production in the main U.S. production area.
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