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Home >> Business
UPDATED: 08:16, June 14, 2006
Oil prices plunge as tropical storm expected to miss oil fields
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World crude oil prices fell sharply below 69 dollars Tuesday as Alberto, the very first tropical storm of the new hurricane season, is expected to miss oil facilities in the Gulf area.

New York's main contract, light sweet crude for delivery in July, fell 1.80 dollars to close at 68.56 dollars a barrel.

In London, Brent North Sea crude for July delivery dropped 2.01 dollars to 66.92 dollars a barrel.

Over 20,000 people were ordered to evacuate their homes along Florida's Gulf Coast as tropical storm Alberto threatens to come ashore Tuesday. Energy experts said Alberto was expected to miss Gulf oil platforms.

Forecasters said that the storm was centered about 150 kilometers south of Apalachicola, Florida on Monday evening and could come ashore as a Category 1 hurricane in western Florida on Tuesday.

Energy facilities in the region, which accounts for more than a quarter of total U.S. oil output, were devastated by hurricane Katrina last year.

Source: Xinhua


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