|
NEW YORK (AP) - Crude-oil futures in New York settled below $66 a barrel Monday, sinking to nearly a week's low after the United States and the Paris-based International Energy Agency said they may pour more oil supplies onto the market from emergency reserves.
"The market just looked like they were taking the path of least resistance," said Andrew Lebow, an energy broker for Man Financial Inc. in New York. "It seems to have taken a very relaxed attitude toward the massive loss of refinery capacity in the U.S. Gulf."
Twelve refineries accounting for about 15 percent of refining capacity remain shut in the storm-wracked Gulf following last month's hurricanes Katrina and Rita. The storms have left the brunt of the region's offshore crude oil and natural gas production sealed off.
|