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Depot explosion near london raises oil prices Original Source Link: (May no longer be active)    http://today.reuters.com/investing/FinanceArticle.aspx?type=businessNews&storyID=2005-12-12T121040Z_01_HO224541_RTRUKOC_0_US-MARKETS-OIL.xml http://today.reuters.com/investing/FinanceArticle.aspx?type=businessNews&storyID=2005-12-12T121040Z_01_HO224541_RTRUKOC_0_US-MARKETS-OIL.xml Oil hovers near $60 on depot fire, OPEC Mon Dec 12, 2005 7:10 AM ET By Randy Fabi LONDON (Reuters) - An oil depot explosion near London over the weekend and OPEC's decision to rein in production pushed oil prices higher on Monday. U.S. crude rose 55 cents to $59.94 a barrel, recovering from a 2.1 percent slide on Friday. Prices earlier hit an intra-day high of $59.96. London Brent crude was up 55 cents to $57.86 a barrel. The market was on edge after Sunday's explosions at a fuel depot north of London, which has the capacity to hold 5 percent of Britain's oil supply, although police said the explosion was almost certainly an accident. "Even though most of the comments say it's an accident, this is the sort of event you see more during war time," said Deborah White of SG Commodities in Paris. It was not clear how much oil the depot, which supplies petrol and fuel oils to a large part of southeast England, including Luton and Heathrow airports, was holding. An al Qaeda leader last week urged attacks on oil facilities in Muslim countries, fuelling gains in oil prices. In Kuwait, OPEC ministers agreed on Monday to rein in actual production slightly to adhere to the cartel's official 28 million barrels per day ceiling, Libyan Energy Minister Fathi Omar Bin Shatwan said. "We have to comply with the ceiling now, and maybe we will discuss a cut in the future," he said. "We call it compliance -- we don't call it a cut." GLOBAL DEMAND CONCERNS OPEC agreed to hold its formal ceiling steady but has been pumping above the level to help quell record high prices this year. Now ministers feel oil prices may reverse sharply as demand wanes in the spring. Continued ... © Reuters 2005. All Rights Reserved.

August brings record highs in oil prices BP oil refinery blast in texas bumps prices Bp profits up 34 precent Chevron profits up with prices { July 29 2005 } Concern over iraqi oil during elections Crude futures stay above 67 { August 26 2005 } Crude oil surges with another storm in mexico gulf Crude prices inch toward 50 a barrel Current oil price levels unsustainably high { December 4 2005 } Decline in inventory larger than expected Depot explosion near london raises oil prices Exxonmobile shell post record profits Exxonmobile tells gas station owners to gouge Gas price drops due to less demand due to high prices Gas prices drop sharply after climbing Gasoline futures surge to record high after katrina { August 31 2005 } Gasoline pump prices high despite crude fall Goldman sachs predicts spike to 105d barrel { March 31 2005 } Greenspan says world must live with high prices Hurricane katrina shoots oil to over 70b Investors raising prices by betting on shortages { March 16 2005 } July futures send above 58 year record { June 17 2005 } London attack causes oil price drop London explosions causes oil price plunge Market shouldnt expect anything from opec More bicycles than cars sold due to oil prices No difficulties on supply side Oil approaches 61 as tropic storms threaten sypply Oil climbs to six week high in january 2005 Oil companies enjoy record earnings in UK { October 4 2005 } Oil demand outpacing supply concerns Oil dives below 50 on dollar gains { May 12 2005 } Oil drops below 50 a barrel Oil falls below 50 in april yet pump prices sour { April 28 2005 } Oil falls below 51 on high inventories { April 13 2005 } Oil hits 64 barrel over supply concern Oil hits new high amid norway strike fears { June 21 2005 } Oil hits record highs as saudi king dies Oil market oversupplied says iran Oil nears 61 as gulf storm gathers again { July 13 2005 } Oil prices hover around 55 dollars Oil prices stay firm above 51 dollars Oil reaches record 58 on supply concerns Oil supplies up as price tops 51 dollars Opec chief wants to increase production Opec oil output highest since 1979 { August 4 2005 } Opec oil output strong { April 2005 } Opec predicts 80 dollar barrel oil spike Opec production surpasses demand OPEC warns that oil prices will stay high Other factors not supply driving up oil Prices fed by speculation and unwarranted fear { April 5 2005 } Prices high despite adequate fuel supply Shell profits soar to historic highs Small car interest falls with gas prices { October 2005 } Speculation by hedge funds running up price US has 700m barrel reserves of oil US oil supplies increase as OPEC boosted production { June 28 2002 } US report sees gasoline prices moving higher still { April 8 2005 } Files Listed: 59

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