Oil prices soar
Near-record oil prices today in the wake of an Alaskan oilfield shutdown prompted investors to sell stocks on inflation fears, one day before the Federal Reserve’s next decision on interest rates.
BP PLC said it would shut down the Prudhoe Bay oilfield, which represents 8% of daily US crude production, due to possible pipeline corrosion. Crude oil futures surged 2.22 in response to settle at 76.98 a barrel on the New York Mercantile Exchange – near the closing record of 77.03 and all-time intraday high of 77.40, both set on July 14.
