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Strategies & Market Trends : rat's nest -- Ignore unavailable to you. Want to Upgrade?

To: AugustWest who wrote (824)	6/1/2004 10:13:55 AM
From: AugustWest	Respond to of 844

Oil Prices Climb After Fatal Saudi Attack ( AP Online ) WASHINGTON, Jun 01, 2004 (AP Online via COMTEX) -- Oil prices in the United States climbed 3 percent higher early Tuesday, the first day of trading since terrorists attacked Western oil workers in Saudi Arabia over the weekend, killing 22 people. It was the second such attack in one month and renewed traders' fears that terrorists operating in the Middle East might target oil industry infrastructure and workers in an effort to disrupt the global supply chain. These concerns have propped up prices $5 per barrel or more in recent months. Analysts say other factors that have kept the cost of oil around $40 a barrel in recent weeks include: the unexpectedly strong global demand for oil, constraints in the U.S. refining industry, market speculation by hedge-funds and the Bush administration's unwavering refusal to release crude supplies from the nation's Strategic Petroleum Reserve. In pre-market trading Tuesday, light crude for July delivery rose $1.24, or 3.4 percent, to $41.22 per barrel on the New York Mercantile Exchange. On London's International Petroleum Exchange, Brent crude from the North Sea traded $1.64 higher at $38.22 per barrel. Unleaded gasoline futures also rose in New York, climbing 3.8 cents to $1.325 per gallon. Nationwide the average retail price of gasoline is above $2.05 per gallon. By BRAD FOSS AP Business Writer= biz_topic:MarketUpdates;; Copyright 2004 Associated Press, All rights reserved -0- APO Priority=u APO Category=1310 (PROFILE (COUNTRY:Saudi Arabia; ISOCOUNTRY3:SAU; UNTOP:142; UN2ND:145; APGROUP:MiddleEast APGROUP:Asia;) (COUNTRY:United States; ISOCOUNTRY3:USA; UNTOP:021; APGROUP:NorthAmerica;) ) KEYWORD: WASHINGTON SUBJECT CODE: 1310 * end of story *