Oil prices hold steady

Oil prices hold steady

LONDON (Reuter): Oil prices held their ground yesterday after a strong rally last week as traders in the key United States market, back at work after the Independence Day holiday, digested news of a hurricane approaching Caribbean oil installations.

August Brent was four cents down on the day at US$19.75 a barrel at 1512 GMT.

The nascent hurricane season in the Atlantic may also provide a temporary boost to energy prices if refinery shutdowns prove to disrupt supplies of gasoline to motorists in the key United States market.

The oil company Sun Co said yesterday it had shut its 85,000 barrels per day (bpd) Puerto Rico refinery ahead of Hurricane Bertha's expected arrival. The refinery exports to the United States.

Traders voiced concerns over possible disruption to operations at the massive 425,000 bpd Amerada Hess refinery on St. Croix, a key source of gasoline for the U.S. market, after hurricane warnings were raised on the island.