Minimum damage to US refineries by Irene pushes oil prices above US$85

29-Aug-11

Oil prices increased to settle above US$85 in Asia as minimum damages were observed among the refineries along the US East Coast after Irene tamed down to Tropical Storm Irene, as it hit the East Coast of USA. Benchmark oil for October delivery inched up to US$85.4 on the Nymex, in London, Brent crude for October delivery dropped to US$110.9 on the ICE. From US$84 to in February to near US$115 in May, and then dropping to US$76 earlier this month, crude has recovered to trade at US$85 for the past week as traders look for facts of the severity of the slowdown in economic growth in the U.S. and Europe.