Oil Prices Fall: Bookings Rush for Road Trips

Submitted by Craig Strzelecki on 8 February, 2006 - 08:56

Yes! Book your Road Trips Now. Oil prices have fallen sharply overnight as market traders' concerns eased over the stalemate over Iran's nuclear energy program and the market is awaiting US supply data. New York light sweet crude (delivery March '06) fell $US2.02 to close at $US63.00 per barrel. In London, the price of Brent North Sea crude for March delivery dropped $US1.77 to $US61.56 per barrel in closing trade. Worries of supply disruption have eased but still not dismissed - if ever the situation escalates quickly, expect the oil prices to jump.

Crude Oil futures hit $US69.20 in New York on January 23 but have since declined on rising US energy inventories and milder than expected weather in the northern hemisphere winter. Oil hit a historic high point of $US70.85 in August 2005 after Hurricane Katrina devastated energy infrastructure in the US Gulf of Mexico.

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