What is the low end of the oil price range now?
*Reuters, by Natsuko Waki, September 8, 2006
“LONDON (Reuters) – Oil prices hit a 5-month low on Friday, boosting European shares, while the yen set a one-month high against the euro on expectations the currency would be on the agenda of a Group of Seven financial chiefs meeting.
U.S. Treasuries steadied ahead of a speech on inflation by Cleveland Federal Reserve President Sandra Pianalto for clues about whether the Fed would leave interest rates steady at this month’s meeting having left them unchanged in August.
Crude fell as low as $66.99 a barrel as supply concerns eased after U.S. distillate supplies rose sharply and BP said it might be able to restore its Alaskan oilfield sooner than expected.
Falling oil prices heartened European shares, with the FTSEurofirst 300 index of leading European shares rising 0.4 percent to 1,357.40, after falling as much as 2.3 percent this week on the uncertain U.S. interest rate outlook.
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