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October 29th, 2007

Cold fronts show oil market’s vulnerability to Mother Nature

Posted by: Richard Valdmanis

Tags: Energy

An oil derrick in a file photo. Oil leapt to a record high for a third day on Monday, surpassing $93 as Mexico briefly halted one-fifth of its production and the U.S. dollar struck new lows. Two cold fronts have brought winds, waves and rain to Mexico’s Bay of Campeche, stopping the country’s crude oil exports and triggering an accident that left at least 21 offshore oil workers dead

The incidents propelled crude prices to a record high over $93 a barrel on Monday and highlighted the energy industry’s vulnerability to Mother Nature’s whims.

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