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Whiting Petroleum Corp. Message Board

  • rsi_inc rsi_inc Jan 20, 2004 11:27 AM Flag

    Oil hits New 10-month hi after blast!

    Oil Hits New 10-Month Peaks After Blast
    55 minutes ago Add Business - Reuters to My Yahoo!

    LONDON (Reuters) - Oil prices hit fresh 10-month highs on Tuesday as a huge blast at a liquefied natural gas (LNG) plant in Algeria closed the country's largest refinery and main oil export terminal.

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    The shutdown fueled concern over global supplies as freezing temperatures test wafer-thin fuel stocks in the United States.

    U.S. light crude futures for February delivery fetched $35.69 a barrel, up 62 cents, after earlier hitting a new 10-month peak at $35.90, the highest level since the U.S invasion of Iraq (news - web sites) in March. London Brent crude futures rose 45 cents to $31.02 a barrel.

    "Energy markets continue to take support from a strong fundamental picture, with OPEC (news - web sites) statements and a deadly blast at the Skikda LNG plant in Algeria adding fresh price-positive news," said Barclays Capital in a market comment

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