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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-24-05 06:52 AM
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2. Crude Oil Prices Soar
SINGAPORE - The price of crude vaulted Wednesday, ahead of the key U.S. petroleum inventories report that is likely to show falls in crude and gasoline stocks, as traders continued to fret over supply, this time over a building tropical storm which could hurt Gulf of Mexico output.

Crude on the New York Mercantile Exchange rose by as much as 60 cents to $66.31 a barrel for October's front-month contracts, which traders attributed to storm warnings emerging from the Atlantic Ocean.

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Nymex crude now sits at $66.16 mid-afternoon in Singapore, a gain of 45 cents. On London's International Petroleum Exchange, October Brent crude futures traded 42 cents higher at $65.07 a barrel.

Later Wednesday, the DOE's Energy Information Administration will release its midweek supplies report where analysts are expecting crude and gasoline stocks to fall, because of the summer driving season.

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