Traded Oil little changed near $ 75 a barrel on rising as pending home sales unexpectedly climbed and an blast on a Gulf of Mexico platform That prompted speculation tighter regulations, standards will cut Production.
Futures advanced 1.5 PERCENT yesterday as U.S. Increased Equities on the National Association of Realtors Said That the number of Purchase Contracts Thurs Previously owned houses in the U.S. PERCENT rose 5.2 in July. Crude gained Also on the explosion is a platform owned by Mariner Energy Inc.
"It's clear That the government now has the ammunition Thurs move ahead with a drilling moratorium," said Carl Larry, president of Oil & Outlooks Opinions LLC in Houston. "There Will Be Higher costs and a slow down in Production from the Gulf," he said.
The October contract Traded at $ 74.91 a barrel, down 11 cents, in electronic trading on the New York Mercantile Exchange at 8:33 am Sydney time. Yesterday, it rose $ 1.11 to $ 75.02. Prices are down 0.4 PERCENT for the week and not have dropped 5.6 PERCENT this year.
Oil rebounded on the U.S. Coast Guard Reported the blast, wakes up occurred 90 miles (145 kilometers) off the Louisiana coast. The Obama administration instituted a temporary moratorium is a deep-water oil and gas drilling in the Gulf on May 27 in reaction to a BP Plc oil spill, the worst in U.S. history.
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