Sydney-Oil and gasoline prices eased on Friday as the U.S. government scrambled to avert a fuel shortage, but markets remained near peaks as the damage from Hurricane Katrina”s rampage through the U.S. Gulf coast could take months to repair, according to a report of Reuters.
In electronic trade on Friday, crude oil prices on the New York Mercantile Exchange (NYMEX) retreated 29 cents, or 0.42 percent, to stand at $68.18 a barrel, having hit a record high of $70.85 on Tuesday, one day after Katrina hit the coast.
London Brent crude was down 24 cents to $67.48 a barrel.