Oil prices may rise on storm concerns: analysts
(Agencies)
Updated: 2005-08-26 18:08

The price of crude oil may further rise on hurricane concerns after setting a record of 67.49 dollars a barrel on Thursday, a Bloomberg survey showed.

Thirty of 59 analysts and strategists surveyed, or 51 percent, said oil prices will rise next week. Seventeen, or 29 percent, said prices will decline and 12 forecast little change.

Hurricane Katrina headed across Florida Friday toward the Gulf of Mexico, where 30 percent of U.S. oil is produced. Last year oil prices jumped 22 percent after Hurricane Ivan hit the Gulf, reducing the region's output for five months.

Crude oil futures surged to a new record price in New York on Thursday, closing at 67.49 dollars a barrel on concerns of supply shortage, the highest closing point since it was first traded in 1983.

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