As news spread that the oil platforms in the Gulf of Mexico as well as the refineries along the coast had escaped from Hurricane Rita, oil prices fell in extraordinary trading in New York on Sunday. New York's main contract, light sweet crude for delivery in November, was down US$1.13 at US$63 per barrel on the New York Mercantile Exchange, and London Brent crude lost $US1.14 to settle at $US61.30 a barrel.
Oil production off the southern coast of USA remains suspended as reports are awaited regarding an assessment of the effect of Hurricane Rita on industry facilities in the region. Though Port Arthur- Texan refinery town, has got flooded with waist-deep water in some places, oil platforms and refineries dotting the coasts of Texas and neighboring Louisiana appear to have survived Hurricane Rita without major damage. Most refineries appear undamaged and could resume operations soon. 81% of 819 platforms and 69% of 134 rigs operating in the Gulf of Mexico were evacuated before the storm, representing a loss of 1.5 million bpd of crude.
26-Sep-05 
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