“Fear May Account For More Than A Quarter Of The Price Of Crude Oil”…
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Fear may account for more than a quarter of the price of crude oil, which yesterday slipped back again as the market reacted to the current truce in Lebanon and the diminished impact of the BP shutdown in Prudhoe Bay, Alaska.
A leading energy analyst believes that fear and anticipation of shortages has added a premium of $20 per barrel to the oil price. The Brent crude price remained subdued, edging back 28 cents to $73.25 after the previous day's $1.75 per barrel slide. On Monday, oil speculators took fright as BP hinted that it would be able to restrict the loss of output from Prudhoe to half the original estimate of 400,000 barrels per day.
Times Of London | Carl Mortished | August 15, 2006 09:19 PM