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    Oil below $86 as US refineries survive hurricane

    SINGAPORE (AP) — Oil prices rose to near $86 a barrel Monday in Asia after a hurricane left minimal damage among refineries along the U.S East Coast.

    Benchmark oil for October delivery was up 46 cents to $85.83 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose 7 cents to settle at $85.37 on Friday.

    In London, Brent crude for October delivery was down 23 cents at $111.13 on the ICE Futures exchange.

    Tropical Storm Irene packed hurricane-force winds when it slammed into the East Coast near North Carolina this weekend and headed north into New York. The storm was blamed for at least 21 deaths, widespread severe flooding and more than 4 million homes and business losing power.

    Oil refineries in the region have so far reported no major damage.

    The National Hurricane Center said Monday that Irene was maintaining 50 mph (80 kph) maximum sustained winds as it neared the U.S.-Canada border.

    "The greatest impact from the storm is likely to be the impact on regional economic activity caused by flooding and power outages," J.P. Morgan said in a report. "These could take some time to restore to normal, and is therefore likely to reduce petroleum demand in the interim."

    After jumping from $84 in February to near $115 in May then sliding back down to $76 earlier this month, crude has traded close to $85 for the past week as traders look for evidence of the severity of the slowdown in economic growth in the U.S. and Europe.

    Federal Reserve Chairman Ben Bernanke didn't propose any new steps to stimulate the economy during a speech in Wyoming on Friday.

    In other Nymex trading for October contracts, heating oil fell 0.8 cent to $3.01 per gallon and gasoline futures dropped 0.3 cent to $2.76 per gallon. Natural gas for September delivery slid 2.1 cents to $3.91 per 1,000 cubic feet.

     

    31 comments

    • Bemzi  •  9 mths ago
      When we will feel the price at the pompe? Dhhhhhhh
    • My Oh My  •  9 mths ago
      Thank god! Otherwise Obama would have another BS excuse about the luck he's had over the last 3 years. The guy just can't accept blame for anything. It's everybody and everything elses fault for how bad everything is. I guess he didn't contribute anything to this mess. Just keep spending, and printing more fake dollars.
    • joses  •  9 mths ago
      Why is it that when the price of a barrel of oil goes up, prices for gas immediately go up.. However, when the prices for the barrels go down, it takes forever or if ever for the price of gas to go down... Sad that these oil company can manipulate prices the way they do.
    • Patrick  •  9 mths ago
      Someone needs to update the page!!!! Oil has been over $87/barrel for more than 3 hours!!!! Yahoo....get your act together!!!!
    • Star  •  9 mths ago
      These gas lords always look for some excuse to raise the price, when anything happens locally (in US) or International (Outside US).

      We must demand Politicians to get rid off Ethanol in gas, make public transport better, make laws for car Industries to make fuel efficient.

      This will save alot for consumers and US budget (Subsidized money of $6 Billion/year) , But will not please the politicians owned or Ethanol Farmers and Industries.
      • My Oh My 9 mths ago
        Ethanol was another cause and effect the Government can't figure out. Everything anybody does will have a cause and effect. Sometimes good but the government hasn't gotten it right most of the time. Cash for Clunkers, took millions of cars and trucks off the market for low income people, now used cars are 40% more expensive than before. Clue in Government you just aren't economists with a succesfull record. If you were my broker you would have been fired 15 years ago.
    • John Galt  •  9 mths ago
      Investors had grave doubts that the refineries along the gulf coast could survive this devastating killer storm churning its deathly way up the Atlantic seaboard thus driving up oil prices. East coast refineries weren't a factor in their calculations. Prices should rebound in a month or so however the federal government has created a new tax on gasoline that fluctuates with the price of gasoline so that it is never less than $3.40 a gallon in order to help subsidize the War on Something. The War on Something is an often overlooked component of the president's overall strategy against something which is threatening the citizens of the US in some kind of obscure way. Congress has pledged its full support to fight Something as lobbyists line up to promote their interests in Something or Another. While there is no direct War on Another, it is rumored to have a secret black budget with no direct oversight by anybody in particular. Inexplicably while incomes of most Americans has decreased, those politicians and corporate interests involved with Something or Another have garnered great wealth even though the paper trail of such wealth appears somewhat murky. But who cares, that's the reason they went into public service in the first place. So that the public could service them.
    • ray  •  9 mths ago
      f
    • woodsmen  •  9 mths ago
      if oil is selling at 86$ a barrel why is gas not selling for 3$ a gallon at the pump ? one
      other ? if oil prices are on the way down why in the metro Milwaukee are prices going up a couple
      of cent's every other day
    • Joe T  •  9 mths ago
      Oil prices drop $30 a barrel and we see a one cent reduction in gasoline prices at the pump. Oil goes up 15 cents and the pump price goes up 30 cents. Yeah, I get it.
      • Doug 9 mths ago
        I'm with ya it's the same here in Illinois,, Total Bullshit !!
    • Harley Rider  •  9 mths ago
      Give them a bushel of food for a barrel of oil. Americans could walk or ride a bike if they had to. I have seen people do it year around. But I would like to see the oil producers drink their oil or gasoline if they had too !
    • AMERICAN SEABEE  •  9 mths ago
      Must have something to do (secretly) with the politicians as the oil companies are acting just like the politicians.
    • MOBADTHANGOOD  •  9 mths ago
      But gas is still figured like its $130 a barrel.
      Friggin crooks.
    • golf rat  •  9 mths ago
      Scumbags were hoping it would have a huge effect. Now they have to hope for another hurricane, or a little earth tremor, that Californians laughed their a$$ of about our huge overblown by the news earthquake!
    • flfleas  •  9 mths ago
      I'm so glad the the storm didn't interrupt the oil companies from making their profits. Love it when they blame everything under the sun as to why prices go up. Still would like to know why prices are a dollar higher now than last year. Guess speculators and oil companies want a healthy profit to protect them from the government? No wait, the government is on the deal too. Never mind.
    • Hounddoggin  •  9 mths ago
      But yet again we got screwed at the pumps just in case there was any damage. Congress needs to pass a law that if you speculate on oil or gas then you have to take physical delivery of it. This will put an end to Wall Street playing their games whenever they feel like it.Oil and gas are to vital to our economy to be allowing the Wall Street crooks to be making fortunes off of while we pay for it.
    • Ken  •  9 mths ago
      BP,Shell, Murpy, and other oil companies that dont use middle eastern oil are the companies I wonder about. they drill off US shores have their refineries on US soil and let the middle east dictate prices why they dont break away I can only guess. It was said a hero never calculates the cost, thats why we will never have a hero come out of the corporate world, they only calculate the profits.
    • David D...  •  9 mths ago
      so why am I still paying 4 dollars a gallon? They say when the prices go down it takes a month to show up in the pump, so why is it that when the prices go up it show up immediately in the pump??? As Holes
    • Neighbor Dave  •  9 mths ago
      Quick to raise prices, Slow to lower them.
    • G. Robert  •  9 mths ago
      its everyone's fault here, idiots drive like gas is a $1.00 a gallon, truth hurts I know, slow down and conserve or quit crying about the prices... one way to fight back,I know, let the other guy slow down cause where "YOU" have to go is sooo important...you people are all mouth and no action!!
    • Cuda  •  9 mths ago
      Gas companys stick it in americans ass.
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