Oil Prices Reach Record High at $61.63

Written by Administrator

Thursday, 07 July 2005

Oil prices in the international stock exchanges have reached record levels after the tropical huricanes' negative effect on the Gulf of Mexico, the leading US oil production site. The price of one barrel of US light oil, West Texas, has surpassed $61 in the New York Stock Exchage for the first time. Recent transactions were valued at $61.63 in the stock exchange. The barrel price of Brent oil, traded in London Stock Exchange has surpassed the $60 level. Increasing by 41 cents at Wednesday's closing, the barrel price of Brent oil has reached $60.26. The tropical Dennis storm turned into a hurricane causing a three percent recession in the oil production in the Gulf of Mexico , strenghtened concerns that there will a shortage of supply. It is feared that the hurricane's changing course to the Gulf of Mexico will strike a new blow to the production, which receded to a daily production of 190 barrels.

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