Concerns that reduced fuel production during peak winter demand could drive prices back up have waned as a mild start to the winter helped push US crude futures below US$59 on Wednesday for the first time since July. Oil prices fell by over a dollar on Friday from the previous day's US$2 rally, triggered by mild weather and recovering US production cushioned supplies. US light crude oil prices settled down at US$60.58 a barrel while London Brent crude fell to US$59.25.
Crude oil production from the hurricane-battered Gulf of Mexico has recovered to its highest level since late August as output rose to nearly half its 1.5 million bpd capacity.
Oil major Shell and trade unions reached a deal to end a three-day strike over pensions which had cut production by around 50% at its 418,000 bpd Pernis refinery.
07-Nov-05 
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