www.xinhuanet.com
XINHUA online
CHINA VIEW
VIEW CHINA
 Breaking News Three Iraqis killed in mortar attack in Baghdad    Suspected Taliban operative killed in Afghanistan: US military     Strong earthquake hits Honshu of Japan     Bush cuts short vacation to monitor relief efforts    UN names former Lebanese officials as suspects in Hariri assassination    House blast kills 4, injures 6 in Fujian    
Home  
China  
World  
Business  
Technology  
Opinion  
Culture/Edu  
Sports  
Entertainment  
Life/Health  
Travel  
Weather  
RSS  
  About China
  Map
  History
  Constitution
  CPC & Other Parties
  State Organs
  Local Leadership
  White Papers
  Statistics
  Major Projects
  English Websites
  BizChina
- Conferences & Exhibitions
- Investment
- Bidding
- Enterprises
- Policy update
- Technological & Economic Development Zones
Online marketplace of Manufacturers & Wholesalers
   News Photos Voice People BizChina Feature About us   
Oil price surges to new high of US$70.85
www.chinaview.cn 2005-08-31 14:39:32

    NEW YORK, Aug. 30 (Xinhuanet) -- Light sweet crude for October delivery hit a new record high of 70.85 dollars per barrel in New York on Tuesday, the highest since trading began in 1983, amid worries over Hurricane Katrina's impact on US Gulf oil production.

    The price of Brent North Sea crude oil for delivery in October meanwhile hit a historic peak of 67.13 dollars on Tuesday.

    It was its first ever foray above 67 dollars and beat its previous high of 66.85 dollars on Aug. 15. Oil prices are now more than double the levels reached in 2003.

    Katrina has shut down an estimated 92 percent of crude production and 83 percent of natural gas output in the Gulf of Mexico -- which accounts for nearly 30 percent of total US oil output, the US Minerals Management Service said.

    Royal Dutch Shell Plc said its 220,000 barrel-a-day platform suffered damage. The Louisiana Offshore Oil Port, the largest US oil import terminal, has closed for the storm. Enditem

  Related Story
Copyright ©2003 Xinhua News Agency. All rights reserved.
Reproduction in whole or in part without permission is prohibited.