This year the effects of tropical storms and hurricanes have reduced more than 6 million barrels of US crude oil production. Concerns regarding a spike in prices were raised as Hurricane Katrina was likely to have an impact over the rigs in the Gulf of Mexico. But it missed the heart of oil production in Mexico traveling towards Florida, which made prices relax by more than US $1on Friday.
US light crude eased at US $66.13 per barrel on the New York Mercantile Exchange, whereas London Brent crude fell to US $64.87 per barrel on the International Petroleum Exchange.
Prices lower than the predicted US $75 hike is still hovering above US $54 per barrel this year and are not calming worries over the economic growth. As a result governments, businesses and consumers have started to feel the pinch of high prices.
27-Aug-05 
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