Oil Price Surges as Blizzards Hit US
Diane Coyle Economics Correspondent, The Independent (London, England)
Blizzards that dropped up to 30 inches of snow on the East Coast of America took oil prices to an eight-month high yesterday.
The snows also kept the US financial markets closed for most of the day, although shares on Wall Street rose during the special three-hour trading session.
The Dow Jones industrials index ended nearly 10 points higher at 5,191.9, after a more buoyant start.
This had helped shares in London reach a record, with the FT-SE 100 index up just over 16 points at 3,720.6.
Federal workers in Washington were told to stay home because of the weather, on the first day of their return to work after the longest government shutdown in American history. However, politicians struggled into the office so that the frosty budget talks between the Clinton Administration and Republican leaders in Congress could continue.
The Federal Reserve announced that it …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: Oil Price Surges as Blizzards Hit US. Contributors: Diane Coyle Economics Correspondent - Author. Newspaper title: The Independent (London, England). Publication date: January 9, 1996. Page number: 16. © 2009 The Independent - London. Provided by ProQuest LLC. All Rights Reserved.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.