[Mb-civic] CBC News - OIL PRICES RISE AGAIN

[CBC News Online]

This email has been sent to you by harry.sifton at sympatico.ca
The following is a news item posted on CBC NEWS ONLINE
at http://www.cbc.ca/news
____________________________________________________
OIL PRICES RISE AGAIN
WebPosted Fri Aug 12 13:58:43 2005

---Oil prices continued their ascent on Friday briefly topping $67 US per
barrel amid ongoing supply concerns.

Light sweet crude for September delivery settled at $66.86 US per barrel
on the New York Mercantile Exchange, up $1.06 from the previous day.
Prices hit an intraday high of $67.10 US before pulling back.

The price of crude oil hit new closing highs every day this week except
Tuesday as it gained $4.55 US a barrel on the week. Since the first
trading day of 2005, the price of light sweet crude has gone up more than
57 per cent.

Once again, fears over refineries were cited for the rise in oil prices
on Friday. The latest worries came as a power interruption at a Premcor
refinery in Memphis, Tenn., shut down production at the 175,000-barrel-per-
day facility.

Several refineries across the United States have been hit by production
outages, which has helped push oil to several new highs this week.

Copyright (C) 2005 CBC. All rights reserved.