Having presided in scandal at Citigroup, Rubin seeks political return with Kerry

Section:

By The Associated Press
11:05p ET Sunday, October 17, 2004

http://story.news.yahoo.com/news?
tmpl=story&u=/ap/20041018/ap_on_bi_ge/oil_prices&cid=509&ncid=716

SINGAPORE -- The price of crude oil surged past
an unprecedented $55 per barrel Monday amid
continued uncertainty over production, high
demand, and tight supply globally.

The price of crude for November delivery on the
New York Mercantile Exchange reached $55.02
per barrel mid-morning in Asia, up 9 cents from
its settlement price on Friday.

While oil prices are more than 70 percent higher
than a year ago, they are still around $25 below
the peak inflation-adjusted price reached in 1981.

Crude prices have skyrocketed more than $10 in
the past month, primarily over production delays
in the Gulf of Mexico since Hurricane Ivan hit last
month.

Declines in U.S. distillate stocks, which include
heating oil and jet fuel, just before the Northern
Hemisphere winter are the latest in a line of
supply factors to concern the oil markets.

The U.S. Energy Department said in its weekly
petroleum supply report last week that
commercially available supplies of heating oil
declined by 1.2 million barrels for the week ending
Oct. 8, falling to 50.0 million barrels, or 10 percent
below year-ago levels.

In the Gulf of Mexico, over 20 million barrels of crude
remain shut in as recovery efforts continue to get
production levels back to normal.

But with the amount of excess capacity -- immediate
surplus supply -- now at about 1 percent of daily
demand, now estimated to be above 82 million
barrels, any supply outage is expected to factor into
prices.

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