Associated Press
Oil Tops $52 a Barrel on Nigeria Worries
Wednesday October 6, 10:42 pm ET
By Brad Foss, AP Business Writer
Crude Oil Futures Surge Past $52 a Barrel on Nigeria Worries, Gulf of Mexico Output
WASHINGTON (AP) -- Crude futures surged above $52 a barrel Wednesday as a possible strike by Nigerian oil workers loomed and petroleum output in the Gulf of Mexico continued to suffer more than two weeks after Hurricane Ivan whipped through the region.
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Oil producers in the Gulf say a significant obstacle is that some pipelines in the region are still shut down while damage is inspected and fixed.
An Energy Department report that showed domestic oil supplies grew for the second week in a row provided little comfort to traders, who instead focused on declining heating oil inventories.
The federal agency warned in a separate report Wednesday that homeowners should expect their heating bills to rise this winter due to double-digit price increases for heating oil and natural gas.
Light crude for November delivery rose 93 cents to $52.02 a barrel on the New York Mercantile Exchange, a record settlement high. In London, November Brent crude futures were up 86 cents at $47.99 per barrel on the International Petroleum Exchange. In Asian trading Thursday, crude oil reached a fresh all-time high, hitting $52.23 per barrel.
While oil prices are 64 percent higher than a year ago, when adjusted for inflation, they remain about $28 below the peak reached in 1981.
Still, the runup has been a boon to the stock prices of oil companies.
Oil Tops $52 a Barrel on Nigeria Worries
Wednesday October 6, 10:42 pm ET
By Brad Foss, AP Business Writer
Crude Oil Futures Surge Past $52 a Barrel on Nigeria Worries, Gulf of Mexico Output
WASHINGTON (AP) -- Crude futures surged above $52 a barrel Wednesday as a possible strike by Nigerian oil workers loomed and petroleum output in the Gulf of Mexico continued to suffer more than two weeks after Hurricane Ivan whipped through the region.
ADVERTISEMENT
Oil producers in the Gulf say a significant obstacle is that some pipelines in the region are still shut down while damage is inspected and fixed.
An Energy Department report that showed domestic oil supplies grew for the second week in a row provided little comfort to traders, who instead focused on declining heating oil inventories.
The federal agency warned in a separate report Wednesday that homeowners should expect their heating bills to rise this winter due to double-digit price increases for heating oil and natural gas.
Light crude for November delivery rose 93 cents to $52.02 a barrel on the New York Mercantile Exchange, a record settlement high. In London, November Brent crude futures were up 86 cents at $47.99 per barrel on the International Petroleum Exchange. In Asian trading Thursday, crude oil reached a fresh all-time high, hitting $52.23 per barrel.
While oil prices are 64 percent higher than a year ago, when adjusted for inflation, they remain about $28 below the peak reached in 1981.
Still, the runup has been a boon to the stock prices of oil companies.
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