September 26 [Mon], 2005, 17:29
September 26 [Mon], 2005, 16:05
TORONTO (CP) - Investors can breathe a sigh of relief as trading gets under way this week that damage to U.S. Gulf Coast oil production and refining facilities was less than feared.
That sentiment was expressed in a rare Sunday trading session on the New York Mercantile Exchange, where the price of crude fell sharply.
The November contract for light sweet crude closed down $1.23 to $64.19 US a barrel Sunday as it appeared the Texas oil and gas industry sustained what Gov. Rick Perry called "a glancing blow."
The October contract for unleaded gasoline on the Nymex closed down 10.55 cents US to $1.982 per US gallon.
Stock markets fell last week - after the Toronto market broke through the 11,000 mark for the first time in five years as oil prices and energy stocks fell prior to Rita's weekend landfall.