THE EFFECT OF Hurricane Katrina continues according to today's papers with The Times reporting oil prices soaring to record levels yesterday as nervous traders ignored pledges of additional supplies from Saudi Arabia and instead worked feverishly to calculate the impact of the storm.
The price of a barrel of US light crude touched $70.85 a barrel, five cents higher than Monday’s peak, while Brent in London jumped $3.55 to $68.42 when trading resumed after Bank Holiday Monday. Gas prices in the US also rose sharply. The record prices prompted governments in France and Belgium to flag populist measures to protect consumers, says the paper. But the International Energy Agency (IEA), a leading forecaster, and analysts advised against government intervention, saying the $70 price could provide the much-needed jolt that would force consumers to reduce their oil consumpt...
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