The Times:  BARREL VAULT: “Shell shut down some production in the Gulf of Mexico because of a tropical storm” (ShellNews.net)

By Gary Duncan, Economics Correspondent

August 11, 2004  

Oil prices in New York vaulted above the $45 barrier yesterday, fuelling fears over the impact of soaring crude costs on the world recovery.

Crude broke through the watershed level to touch $45.04 a barrel after market nervousness over a halt in Iraqi supplies was stoked when Shell shut down some production in the Gulf of Mexico because of a tropical storm. Prices eased in later trading, however, dropping by 44 cents as dealers took comfort from the resumption of Iraqi exports after an attack on the main export pipeline from Iraq’s southern oilfields.