Reply #47: Oil Prices Drop Amid London Explosions

[ozymandius]

BUDAPEST, HUNGARY - Crude oil prices hit another record high above $62 a barrel Thursday before backing off, amid heightened market uncertainty following a string of explosions in the British capital.

Three near simultaneous explosions hit the London subway and one tore open a packed double-decker bus during the morning rush hour Thursday. The blasts killed at least two people and injured more than 300 in what a shaken Prime Minister Tony Blair called a series of "barbaric" terrorist attacks.

Light, sweet crude for August delivery slipped 66 cents to $60.62 a barrel on the New York Mercantile Exchange. It had earlier hit $62.10 a barrel, a new high.

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"The market is very concerned at the moment, but it's too early to draw any conclusions as we are in the middle of events and no one seems to have a clear idea of what exactly is going on," said Frederic Lasserre, head of commodities research with Paris-based SG Securities.

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http://news.yahoo.com/s/ap/20050707/ap_on_bi_ge/oil_prices