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Oil prices steady but hurricane season poses threat

OIL prices remained above $US70 per barrel in New York and Singapore this week, although London fell to $US69.40 on Thursday. Prices jumped higher at the beginning of the week on rising US demand for vehicle fuel, but eased on Wednesday and Thursday as US data revealed rising oil and gasoline inventories, and increased output from the country’s refineries.

Oil prices steady but hurricane season poses threat

But with yesterday being Thursday marking the start of the Gulf of Mexico hurricane season, the US could soon face further supply problems. Two Gulf region refineries and several oil fields have still...

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