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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: otter who wrote (54908)11/17/1999 11:23:00 AM
From: oilbabe  Read Replies (1) of 95453
 
Crude Oil in London Climbs to $25.07/Bbl, Highest Level Since the Gulf War

London, Nov. 17 (Bloomberg) -- Crude oil prices in London
surged to their highest level since the Gulf War in 1991 on
concerns disruptions to supplies will cause a shortage at a time
of declining global inventories.

Crude oil for January settlement gained as much as 53 cents,
or 2.2 percent, to $25.07 a barrel on the International Petroleum
Exchange, its highest price since Jan. 16, 1991. Crude oil for
December delivery on the New York Mercantile Exchange was up 49
cents at $26.19 in electronic trading.

Royal Dutch/Shell Group, the biggest foreign oil producer in
Nigeria, said exports from its Forcados oil terminal in Nigeria
could be delayed by civil unrest.

Shell invoked a contractual clause -- known as force majeure
-- that allows it to miss deliveries because of circumstances
beyond its control, said Cerris Tavinor, a Shell spokeswoman in
London. The clause will remain in place until Dec. 9, she said
and declined to specify what caused the disruption.

Last night the American Petroleum Institute said crude oil
supplies fell by 2.49 million barrels to 309 million barrels last
week, while gasoline inventories plunged almost 5 million barrels
to the lowest level in two years.
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