02 September 2008 21:12 [Source: ICIS news]
HOUSTON (ICIS news)--NYMEX light sweet crude futures for October delivery settled on Tuesday at $109.71/bbl, down $5.75 as energy companies in the Gulf of Mexico prepared to resume operations.
Hurricane Gustav appeared to have inflicted only minimal damage to the infrastructure, with shut-in refining capacity and offshore production expected to remain offline for a few days.
Elsewhere, the US dollar rose to a seven-month high against the euro as markets re-focused on demand deterioration.
October crude established an overnight high of $118.60/bbl and plunged to an intra-day low of $105.46/bbl before giving back a good portion of the losses on sentiment that the sell-off had been overdone. With the ?xml:namespace>
ICE Brent for October delivery lost nearly $5.00/bbl on Monday and sank to $104.14/bbl on Tuesday before settling at $108.34/bbl, down $1.07.
The market will be keeping an eye on OPEC oil ministers’ meeting on 9 September to discuss oil prices and production quotas.
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|