Tropical storm fears lift crude prices
July 23rd, 2010 admin
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Worries about the potential impact of tropical storm Bonnie on facilities in the Gulf of Mexico send oil prices higher and lead BP to suspend efforts to kill leaks from the Macondo well
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Commodities prices recovered on Thursday to their highest level in one month, up 7.5 per cent from the low hit last month, as oil prices rallied on the back of fears about a tropical storm forming in the US Gulf of Mexico, a key oil and natural gas production area.
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The threat of physical delivery prompts sugar traders to cover positions, while while oil prices ease on hopes tropical storm Alex will miss Gulf of Mexico
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Worries about potential low production levels in Russia, Kazakhstan and Ukraine send prices to 22-month highs
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Crude oil futures traded $2.56 higher on Friday to close at $79.07 a barrel. There was no fundamental news to push the market higher other than fears of a possible hurricane forming in the Gulf of Mexico. … Read Full Post
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Having witnessed a sustained oil spillage from Gulf of Mexico a plan to build and deploy a rapid response system that will be available to capture and contain oil in the event of a potential future underwater well blowout in the deepwater Gulf of Mexico has been announced by the leading oil companies in the US.
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Changsha. May 20. INTERFAX-CHINA – Several Chinese lead smelters are currently conducting maintenance work on their refined lead production facilities, which would reduce China’s refined lead supply in May and give support to domestic refined lead
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A weakening storm is set to steer clear of gas drilling and pipeline equipment on the Gulf of Mexico coast, easing pressure on energy prices
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Crude oil prices dropped to close to $75 a barrel in New York as traders reacted to a blustery week in equities and commodities. Traders are weighing inventory data and the oil spill in the Gulf of Mexico against a dramatic downturn in equity markets,
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Oil and retail gasoline prices edged higher Monday, as traders watched whether the massive crude spill in the Gulf of Mexico will curtail imports if the oil slick shuts down a key shipping lane.
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Send your questions to Amrita Sen, of the BarCap commodities research team, who says new drilling restrictions could lead to a long-term rise in oil prices
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