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Article: Oil Prices Retreat From $68 a Barrel Mark
- Article from:
- AP Online
- Article date:
- August 25, 2005
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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EDITH BALAZS, Associated Press Writer
AP Online
08-25-2005
Dateline: BUDAPEST, Hungary
Crude oil prices backed off after briefly touching a record $68 a barrel Thursday amid worries about what effect approaching storms may have on production in the Gulf of Mexico.
Tropical storm Katrina was expected to reach hurricane strength as it slowly approached the Florida coastline, the U.S. National Hurricane Center said.
Price momentum was also supported by a U.S. inventory report showing a decline in gasoline stocks and by China saying its crude imports spiked in July.
"Gasoline continues to take the market higher and the overall technical picture suggests that at some stage we are going to hit $70 a ...
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