Tuesday, June 5, 2007

Oil heads for $71 after MidEast cyclone disruptions

(Reuters) - Tropical cyclone Gonu, the strongest to reach Oman's coast since 1977, disrupted production and loading, temporarily closing a terminal shipping 650,000 barrels per day of crude.




It weakened to the equivalent of a Category One hurricane from a maximum-force Category Five on Wednesday, on its way to the Strait of Hormuz, a major shipping route for Gulf oil shipments, towards southeastern Iran.


Read more at Reuters.com Hot Stocks News

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