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Paris (UPI) Nov 1, 2010 The French oil terminal at Fos-Lavera Monday continued to reduce a large backlog of tankers after a strike had shut down the port for weeks, sparking fuel shortages in France. The count of vessels waiting outside the terminal Monday was at 44, down from more than 70 at the end of the strike last week, the Dow Jones News Wires reports. It cites port authority as saying that 29 crude oil tankers, four chemicals ships, three gas vessels and eight tankers of refined products are waiting to unload. Workers ended the striking Friday after protests had blocked access to France's largest oil port for roughly a month. Several refineries across France had joined in the protest, sparking major fuel shortages all over the country. At one point, around 40 percent of French gas stations were out of fuel. Analysts said the end of the strikes will soon ease fuel concerns in France. "This is likely to help ameliorate shortages at pumps and service stations, and though complete normality is likely to ensue only after a few weeks, this should provide support to crude demand as refineries increase their throughput," Amrita Sen at Barclays Capital wrote in a daily oil market commentary. "With the end to the French refinery strikes now in sight, Brent crude time spreads should find some further support in the short term, with spreads having already tightened significantly, by 20 cents, over the course of the week, as robust oil demand indications have started to flatten the crude oil term structure." The strikes at Fos-Lavera and the refineries were mounted to protest the government's pension reform. It's aimed at gradually raising the minimum retirement age from 60 to 62 by 2018 and full retirement from 65 to 67 by 2023. The bill won passage late Friday with the French Senate voting 177-153 to raise the retirement age. Further approval of the measure is expected in the legislature this week. The pension reform, strongly supported by French President Nicolas Sarkozy, is aimed at securing a system as people are getting older and fitter, while there are fewer young people born to pay for the pensions of their parents and grandparents, Sarkozy argues. The nationwide strikes against his plans have paralyzed transport, sparked fuel shortages and disrupted school life. While the large majority of demonstrations were peaceful, some saw youths clashing with police, cars torched and shops looted.
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Oil price jumps on strong US, Chinese dataNew York (AFP) Nov 1, 2010 The price of oil soared on Monday following strong manufacturing data from China and the United States, the world's biggest energy consumers. New York's main contract, light sweet crude for December, soared 1.52 dollars to close at 82.95 dollars per barrel. In London, Brent North Sea crude for delivery in December delivery jumped 1.47 dollars to settle at 84.62 dollars a barrel. "We ... read more |
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