Oil prices ease amid plentiful crude supplies
AFP, October, 2005
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LONDON (AFP) — World oil prices moved lower as traders weighed up adequate crude supplies against a likely shortage of refined products ahead of the northern hemisphere winter.
New York's main contract, light sweet crude for delivery in November, dropped 87 cents to 64.60 dollars per barrel in electronic trading.
In London, the price of Brent North Sea crude for November delivery lost 74 cents to 62.06 dollars per barrel.
"There's no direction in the market," noted Investec analyst Bruce Evers.
"There a growing feeling that there is plenty of crude around, but there's a shortage of products."
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Added to the picture, US Energy Secretary Samuel Bodman said on Monday that the United States was "prepared to do what is necessary with strategic reserves".
That fuelled speculation the US would release its emergency stockpiles to cover production lost in the aftermath of Hurricanes Katrina and ...
