Global Markets: Ivan Blows Oil Higher
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Hurricane Ivan blew oil prices back above &#36;44 a barrel on Tuesday, fueling fears of disruption to supplies and giving European investors an excuse to take profits from stock markets at 10-week highs.
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US crude leapt about $1.50-a-barrel yesterday as petroleum giants evacuated thousands of workers from the Gulf of Mexico ahead of Hurricane Ivan.
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Crude oil rose on Monday in New York as market concerned that the approach of Hurricane Ivan woulddisrupt production and tankers shipments in the Gulf of Mexico.
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Oil prices hit a one month-high of $47  a barrel on Tuesday as China showed no let-up in its strong  import growth and traders worried that U.S. petroleum  inventories had drawn down heavily due to Hurricane Ivan.
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The absolute price of oil has reached a new high. The growth     of the economies in China, India and the rest of Asia are increasing the demand     for oil. There are production problems in Venezuela (strikes and sabotage), Norway (strikes), Nigeria (civil war), Iraq (sabotage) and Russia (internal politics). Hurricane Ivan and other hurricanes this year disrupted     production in the Gulf of Mexico and transportation of oil in the Atlantic.     In the next decade Eastern Europe will also require more oil to feed its growing economies. The price of crude oil has led to     prices of above $55 a barrel and lifted heating oil to a record and     natural gas to a 20-month high. Though prices may eventually fall a bit, they are likely to remain higher than we were once     accustomed.    However, all is not gloom and doom.
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Business & money: Violent storms in the North Sea helped push global oil prices to new highs of just under $100 per barrel.
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NEW YORK -- Hurricane Ivan held its grip on oil markets Tuesday as shutdowns of production platforms in the Gulf of Mexico and fears of storm damage drove crude and gasoline prices higher.
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Oil's record-breaking rally took U.S.  crude over $52 a barrel on Wednesday, a new all-time high,  fueled by the impact of Hurricane Ivan on U.S. winter  inventories.
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World oil prices rose on Tuesday as  Hurricane Ivan charged toward the oil-rich Gulf of Mexico,  where energy companies had evacuated thousands of offshore  workers and shut some production.
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Oil prices headed up toward $45 a  barrel on Wednesday as Hurricane Ivan shut 60 percent of crude  output in the Gulf of Mexico and at least five refiners along  the U.S. coast planned to close as a precaution.
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LONDON - Oil prices hit $47 a barrel yesterday, the highest level in a month, as China showed no let-up in its strong import growth and US Gulf producers reported damage to offshore rigs from Hurricane Ivan.
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Oil prices jumped more than a dollar,  climbing above $48 a barrel on Wednesday after U.S. data showed  the disruption caused by Hurricane Ivan had eaten into fuel  stocks.
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World oil prices are on the rise, as Hurricane Ivan threatens to disrupt oil flow in the Gulf of Mexico.
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LONDON: Oil prices extended record-setting highs above US$51 for US crude yesterday, led by worries over the impact of Hurricane Ivan on US winter fuel stocks.
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Oil's record-breaking rally lifted U.S.  crude beyond $52 a barrel on Wednesday, fueled by the impact of  Hurricane Ivan on U.S. winter inventories.
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Crude hovers around $46 a barrel amid demand from most populous country, damage reports from Ivan. LONDON  - Oil prices held above $46 a barrel Tuesday as China showed no letup in its strong demand
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WORLD oil prices rose yesterday as Hurricane Ivan charged towards the oil-rich Gulf of Mexico, where energy companies evacuated thousands of offshore workers and halted some production.