Robert Bandanza
August 7th, 2006, 02:57 PM
Oil above $77 on Alaska shutdown, Mideast
Mon Aug 7, 2006 8:49am ET138
By Janet McBride
LONDON (Reuters) - Oil surged above $77 a barrel in Europe as BP began shutting an Alaskan field that pumps 8 percent of U.S. crude and anxiety over the Middle East, supplier of almost a third of the world's oil, ran high.
London Brent crude climbed as much as two percent to $77.73 a barrel, within reach of its all-time high of $78.18, on expectations that the United States would scour world markets for replacement oil. At 1223 GMT it was up 93 cents at $77.10.
U.S. crude was up $1.22 at $75.98, off a $76.67 high. BP Plc said on Sunday it was shutting the Prudhoe Bay oilfield in Alaska for repairs, cutting production by 400,000 barrels per day (bpd) after discovering severe corrosion and a tiny spill from a Prudhoe Bay oil transit line..
http://today.reuters.com/news/articlenews.aspx?type=businessNews&storyid=2006-08-07T124934Z_01_SP991_RTRUKOC_0_US-MARKETS-OIL.xml&src=rss&rpc=23
Mon Aug 7, 2006 8:49am ET138
By Janet McBride
LONDON (Reuters) - Oil surged above $77 a barrel in Europe as BP began shutting an Alaskan field that pumps 8 percent of U.S. crude and anxiety over the Middle East, supplier of almost a third of the world's oil, ran high.
London Brent crude climbed as much as two percent to $77.73 a barrel, within reach of its all-time high of $78.18, on expectations that the United States would scour world markets for replacement oil. At 1223 GMT it was up 93 cents at $77.10.
U.S. crude was up $1.22 at $75.98, off a $76.67 high. BP Plc said on Sunday it was shutting the Prudhoe Bay oilfield in Alaska for repairs, cutting production by 400,000 barrels per day (bpd) after discovering severe corrosion and a tiny spill from a Prudhoe Bay oil transit line..
http://today.reuters.com/news/articlenews.aspx?type=businessNews&storyid=2006-08-07T124934Z_01_SP991_RTRUKOC_0_US-MARKETS-OIL.xml&src=rss&rpc=23