Oil Prices Defy Irene Impact

Global oil prices Tuesday defied the double whammy of the damage left behind in the east coast of US by the downgraded hurricane Irene and the opinion of military chiefs involved in the Libyan conflict agreeing that the war against Muammar Gaddafi’s regime is far from over. Prices in US were up while Brent crude eased below $111 a barrel in London. West Texas Intermediate (WTI) for October delivery was traded at $85.51 a barrel at 12.00 noon in Singapore. Brent crude for October delivery was at $110.62 a barrel on the Intercontinental Exchange (ICE Exchange) in London. In other Nymex trading for October contracts, heating oil fell 1.9 cent to $3.00 per gallon and gasoline futures dropped 3.6 cents to $2.75 per gallon. Natural Gas for September delivery slid 2.6 cents to $3.91 per 1,000 cubic feet, a commodity online report said today. Although most of the refineries and oil storage facilities in the US East coast withstood hurricane threats, at least 21 people have died due to it as authorities downgraded it from hurricane levels. Authorities also said nuclear plants along the east coast were also unaffected, with most expected to restart or boost output once the storm passes. Meanwhile, traders are also watching fresh developments from Libya as rebels now took full control of Tripoli and urged oil workers to join duty so that the country can restart oil production and export. Almost all of Libya’s battered oil towns are struggling to get back to work after months of back-and-forth clashes between rebels and forces loyal to Gaddafi along the Mediterranean coast. (QNA)