Price of oil in U.S. Crosses 53 Dollars per Barrel
Deutsche Presse-Agentur
The price of oil soared past the 53-dollars-a- barrel mark during intraday trading Thursday on the New York Mercantile Exchange, a first since futures trading began 21 years ago.
The price later retreated, and crude oil for November delivery closed at 52.62 dollars a barrel, 60 cents, or 1.2 per cent, higher than Wednesday.
The oil price is 73 per cent higher than a year ago and has risen in 14 of the last 16 sessions.
The latest spike came after Royal Dutch/Shell Group said two of its platforms hit by Hurricane Ivan in the Gulf of Mexico will not be fully operational until 2005,Ifinancial news agency Bloomberg reported.
Oil traders said the 60-dollar-per-barrel mark would loom closer if delivery from important oil producing regions such as the Middle East, Nigeria, Russia or the United States was disrupted.
Daily demand in the last months of 2004 was expected to increase to more than 84 million barrels worldwide with only few production capacities available.
A harsh winter, which is anticipated in some areas of the U.S., could send the demand for heating oil soaring in the U.S. and Europe and reserves in North America are at a minimum level presently.
The price later retreated, and crude oil for November delivery closed at 52.62 dollars a barrel, 60 cents, or 1.2 per cent, higher than Wednesday.
The oil price is 73 per cent higher than a year ago and has risen in 14 of the last 16 sessions.
The latest spike came after Royal Dutch/Shell Group said two of its platforms hit by Hurricane Ivan in the Gulf of Mexico will not be fully operational until 2005,Ifinancial news agency Bloomberg reported.
Oil traders said the 60-dollar-per-barrel mark would loom closer if delivery from important oil producing regions such as the Middle East, Nigeria, Russia or the United States was disrupted.
Daily demand in the last months of 2004 was expected to increase to more than 84 million barrels worldwide with only few production capacities available.
A harsh winter, which is anticipated in some areas of the U.S., could send the demand for heating oil soaring in the U.S. and Europe and reserves in North America are at a minimum level presently.
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension