Emergency oil loans ‘too small’

Oil prices have jumped to record closing levels in New York amid concerns about the US supply situation and the impact of Hurricane Ivan. The market shrugged off the US Government’s offer to lend crude oil to refiners from its emergency stock pile. Traders said the Strategic Petroleum Reserve’s (SPR) loans were too small to make an impact on the 20 million per barrel a day US oil market. US light crude closed up 42 cents at $48.88 a barrel on Friday. …..

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