Unity is Our Strength
- Nov 9, 2004
- Total Time
Crude oil prices jump to 70 dollars per barrel!
NEW YORK, Aug. 29 (Xinhuanet) -- Crude oil prices hit above 70 dollars a barrel Monday as Hurricane Katrina forced companies to shut down their platforms in the Gulf of Mexico.
On the New York Mercantile Exchange, light and sweet crude oil futures contracted for October delivery rose as much as 4.67 dollars to 70.80 dollars a barrel shortly after the trading floor was opened. US National Hurricane Center said Hurricane Katrina was moving north at about 24.19 km per hour. Chevron Corp., Conoco Phillips, and Valero Energy Corp. were closing their refineries and evacuating staff. The Gulf of Mexico represented about 30 percent of US oil production and 50 percent of refinery capacity. Hurricane Ivan last September cut the region's oil output by as much as 1.4 million barrels a day and sent prices sharply higher.