The last category five hurricane to hit America was Hurricane Andrew in 1992, which cost insurers' $21bn (£11bn) - the worse storm damage in history. Fears that damage to rigs could send oil prices rising even further kept the price of crude above $67 a barrel on Friday.
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OPEC Fears Over High Oil Prices
OPEC admitted yesterday, that it was concerned over the persistently high price of oil
OPEC admitted yesterday, that it was concerned over the persistently high price of oil as the United States braced itself for potential damage to oil production in the Gulf of Mexico.
"We are becoming increasingly concerned about the continuing high level of oil prices, which does not properly reflect the underlying fundamentals of the market," Kuwaiti Minister of Energy and OPEC President Sheikh Ahmad al-Fahad al-Sabah said in a statement.
As the hurricane was upgraded to a rare category 5, the insurance industry was also preparing to count the cost of damage caused by estimated 175mph winds.
The last category five hurricane to hit America was Hurricane Andrew in 1992, which cost insurers' $21bn (£11bn) - the worse storm damage in history. Fears that damage to rigs could send oil prices rising even further kept the price of crude above $67 a barrel on Friday.
The last category five hurricane to hit America was Hurricane Andrew in 1992, which cost insurers' $21bn (£11bn) - the worse storm damage in history. Fears that damage to rigs could send oil prices rising even further kept the price of crude above $67 a barrel on Friday.
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