Oil Prices Rise to Pass the $59 Mark
October 13, 2006
• by Staff
WASHINGTON, D.C. --- Oil prices rose above $59 a barrel today after Norway halted production at two offshore platforms because of safety concerns. The shutdown curbed Norway's flows by about 10 percent.
Norway is the world's third largest oil exporter. Safety officials ordered the shutdown because of defects in lifeboat systems. The shutdown will delay production of about 280,000 barrels per day of oil, the AP reported.
Light sweet crude for November delivery on the New York Mercantile Exchange rose $1.42 to $59.28 a barrel.
Also contributing to the rise in oil price was a decline in U.S. inventories of distillate, according to an AP report. Meanwhile, traders continued to speculate about whether OPEC would curb output. Member nations have yet to reach a consensus.
Originally posted on Fleet Financials