Oil prices that had been escalating for varied reasons such as lack of supply and threat to the Gulf of Mexico from Category 2 Hurricanes, have eased below US$60 a barrel in Asian trade overnight. Released data indicating a rise in distillate inventories are also contemplated to keep a lid on the prices.
Light sweet US crude for August delivery fell to about US$59.67 a barrel in the United States. The contract is considered to have jumped by around US $1.70 earlier this week on fears that Gulf of Mexico oil platforms could be vulnerable to Tropical Storm Emily that closely followed Hurricane Dennis. But Emily kept away from the oil refining region easing supply concerns.
15-Jul-05 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}