Forecasts that tropical storm Ernesto that had threatened US Gulf Coast oil facilities, would remain below hurricane force, causes world oil prices to plunge below US$70. On New York's main contract, light sweet crude for delivery in October, dipped to US$69.95 per barrel in pit trading after earlier falling as low as US$69.30- the lowest level since June 21. In London, Brent North Sea crude for October delivery dipped to US$69.93 per barrel in electronic trading.
News that BP has resumed some lost output at its Prudhoe Bay oil field, where it had shut part of its operation due to a pipeline leak earlier this month, also positively impacted market sentiments. Prudhoe is currently pumping 200,000 bpd, almost 50% of its normal production.
Apparent willingness by Iran to negotiate over its disputed nuclear programme has also been received positively.
30-Aug-06 
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