Oil futures top $30 after attacks: Report
Tuesday, September 11 2001 - 10:55 PM WIB
October Brent crude topped $30 a barrel in London after terrorist attacks on the World Trade Center in New York and the Pentagon near Washington., according to CBS.MarketWatch.com.
October Brent crude rose to an intraday high at $31.05 a barrel on the International Petroleum Exchange on Tuesday. The contract closed at $29.06, up $1.61, or 6 percent.
Prior to the news on Tuesday, Brent was trading at $27.59 a barrel after closing at $27.57 on Monday.
Terrorist attacks leveled the two World Trade Center towers in New York City and rocked the Pentagon in Virginia, across the Potomac River from Washington, D.C., Tuesday morning, causing pandemonium and terror in the nation's political and financial centers.
Trading of petroleum futures on the New York Mercantile Exchange was closed Tuesday and will remain closed Wednesday.
Based on the movement in the Brent crude market, Nymex crude could push $30 a barrel when the exchange eventually reopens, said Phil Flynn, an analyst at Alaron.com in Chicago.
OPEC Secretary-General Ali Rodriguez said Tuesday that OPEC is committed to meeting world oil demand and won't withhold oil following the attacks on the U.S., according to Dow Jones. He noted that members of the oil cartel are prepared to use their surplus capacity if necessary.
Rodriguez rejected suggestions that some members might use oil as a weapon and withhold supplies in the aftermath of the attacks, the news agency also reported.(*)