“Oil Prices Spike on News of Shutdown
Monday August 7, 8:54 am ET
Oil Prices Spike on News of Alaskan Field Shutdown, Mideast Violence

LONDON (AP) — Oil prices jumped by more than $1 a barrel Monday following a production shutdown at an Alaskan oil field that accounts for about 8 percent of U.S. production.

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Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo, said a 400,000-barrel per day reduction in output would have a major impact on oil prices.

“Oil prices could increase by as much as $10 per barrel given the current environment,” Emori said, though he said it was too early to tell what would be the exact effect.”
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