Oil prices posted gains on Friday bouncing back above US$58 after falling by about US$2 on Thursday. This is because many are still concerned about tightness in refining capacity due to the onset of the hurricane season. US light sweet crude for August delivery traded higher at about US $58.31 at the NYMEX, whereas London Brent crude for September rose to about US $57.52 a barrel.
Though Emily is not considered to have caused any breaks in production to either Venezuela, or the US Gulf of Mexico like its predecessor Dennis, it is yet forecasted to stay on its current path toward northeastern Mexico or far south Texas. This has not been able to ease concerns of those worried about tightness in refining capacity as the weather condition has not improved completely.
16-Jul-05 
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