Oil spike not Katrina’s fault, Trichet says

European Central Bank (ECB) chief Jean-Claude Trichet warned on Wednesday (14 September) that oil prices are likely to stay high for several months, but hurricane Katrina is not to blame.

“Oil prices have continued to rise, increasing considerably since the beginning of the year, and developments in futures prices suggest that market participants expect the current tightness in oil markets to persist”, he told MEPs on the economic affairs committee.