Crude prices explore new highs

08/22/2005
Crude futures prices escalated to record highs in four out of five trading sessions Aug. 8-12 on the New York Mercantile Exchange as traders worried about supply disruptions, political tensions, an unusually active hurricane season, and strong refiner demand for light, sweet crude.With less than a month left in the US summer driving season, about a dozen refineries unexpectedly were forced to reduce capacity in recent weeks. Meanwhile, US demand for gasoline had grown by 1.4% from year-ago levels in recent weeks.The September contract for benchmark US light, sweet crudes jumped by $1.63 to $63.94/bbl Aug. 8 on NYMEX before falling to $63.07/bbl in the next session. The contract rebounded ...
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