Barclays Launches iPath(SM) Exchange Traded Note Linked to Goldman Sachs Crude Oil Total Return Index

Aug 16, 2006, 01:00 ET from Barclays

    NEW YORK, Aug. 16 /PRNewswire/ -- Barclays Bank PLC announced today the
 launch of its third iPath Exchange Traded Note (ETN). The new iPath ETN is
 linked to the Goldman Sachs Crude Oil Total Return Index and trades on the
 New York Stock Exchange (NYSE) under the ticker symbol "OIL."
     The Goldman Sachs Crude Oil Total Return Index, calculated from the
 West Texas Intermediate ("WTI") crude oil futures contract traded on the
 New York Mercantile Exchange, is a sub-index of the Goldman Sachs Commodity
 Index. The principal amount per new iPath ETN is $50.00.
     "We are committed to providing innovative solutions for our clients and
 iPath ETNs have been created to allow investors access to difficult to
 reach markets," said Philippe El-Asmar, Head of Investor Solutions,
 Americas, at Barclays Capital. "Until now, an investor interested in adding
 oil to a portfolio did not have many options to choose from. The latest
 iPath ETN offers a solution to investor appetite for oil-linked
     iPath ETNs are 30-year debt instruments linked to the performance of a
 market index and issued by Barclays Bank PLC. iPath ETNs are designed to
 provide investors with convenient access to the returns of market
 benchmarks, less investor fees, with easy transferability.
     Barclays Bank PLC is the issuer, Barclays Capital Inc. is the issuer's
 agent, and Barclays Global Investors (BGI) is the promoter of iPath ETNs to
     The pricing supplement can be found on the SEC website at:
     Earlier this year Barclays issued the first two iPath ETNS, linked to
 the Dow Jones-AIG Commodity Index Total Return(SM) and the GSCI(R) Total
 Return Index.
     About Barclays PLC
     Barclays PLC is a major global financial services provider engaged in
 retail and commercial banking, credit cards, investment banking, wealth
 management and investment management services. We are one of the largest
 financial services companies in the world by market capitalisation.
 Operating in over 60 countries and employing over 118,000 people, we move,
 lend, invest and protect money for over 25 million customers and clients
 worldwide. With over 300 years of history and expertise in banking,
 Barclays PLC has six major businesses. UK Banking delivers banking products
 and services to over 14 million retail customers and 788,000 businesses in
 the UK. Barclaycard is one of the leading credit card businesses in Europe,
 and has 17 million cards in issue worldwide. Barclays Capital, the
 investment banking division, provides corporate, institutional and
 government clients with solutions to their financing and risk management
 needs. Barclays Global Investors is one of the world's largest asset
 managers and a leading provider of investment management products and
 services. Wealth Management has over 560,000 affluent and high net worth
 clients. International Retail and Commercial Banking has over 10 million
 international clients, in geographies which currently include France,
 Spain, Portugal, Italy, Africa and the Middle East. For more information
 about Barclays PLC, please visit
     About Barclays Capital
     Barclays Capital is the investment banking division of Barclays Bank
 PLC which has an AA long-term credit rating and a balance sheet of over 986
 billion pounds Sterling (US$1.8 trillion*). With a distinctive business
 model, Barclays Capital provides large corporate, government and
 institutional clients with solutions to their financing and risk management
 needs. Barclays Capital has offices in 26 countries, employs over 10,500
 people and has the global reach and distribution power to meet the needs of
 issuers and investors worldwide. For further information about Barclays
 Capital, please visit our website
     * US$ figure was derived using the US$/pound exchange rate at 6/30/06
 of US$1.85/1 pound
     About Barclays Global Investors
     Barclays Global Investors is one of the world's largest asset managers
 and a leading global provider of investment management products and
 services. It has over 2,800 institutional clients and over $1.6 trillion of
 assets under management. It transformed the investment industry by creating
 the first index strategy in 1971 and the first quantitative active strategy
 in 1978. BGI is the industry leader in Exchange Traded Funds (iShares) with
 over 180 funds globally. Globally, it has $222 billion of iShares assets
 under management.
     iPath ETNS
     For further information about the iPath ETNs go to:
     An investment in iPath ETNs involves risks, including possible loss of
 principal. For a description of the main risks see "Risk Factors" in the
 applicable prospectus.
     Barclays Bank PLC has filed a registration statement (including a
 prospectus) with the SEC for the offering to which this communication
 relates. Before you invest, you should read the prospectus and other
 documents Barclays Bank PLC has filed with the SEC for more complete
 information about the issuer and this offering. You may get these documents
 for free by visiting EDGAR on the SEC website at
 Alternatively, Barclays Bank PLC will arrange for Barclays Capital Inc. to
 send you the prospectus if you request it by calling toll-free
 1-877-76-iPATH, or you may request a copy from any other dealer
 participating in the offering.
     iPath ETNs (the "Securities") are unsecured obligations of Barclays
 Bank PLC and are not secured debt. The Securities are riskier than ordinary
 unsecured debt securities and have no principal protection. The return on
 the Securities is linked to the performance of a market index. The index
 components for iPath ETNs linked to commodities indexes are concentrated in
 the commodities sector. Your investment may therefore carry risks similar
 to a concentrated investment in a limited number of industries or sectors.
 Investing in the Securities is not equivalent to investing directly in
 index components or the relevant index itself.
     Barclays Global Investors Services, a subsidiary of Barclays Global
 Investors, N.A., assists in the promotion of iPath Exchange Traded Notes.
 Barclays Global Investors, N.A., and Barclays Capital Inc., are affiliates
 of Barclays Bank PLC.
     The market value of the Securities may be influenced by many
 unpredictable factors, including, with respect to the iPath ETNs linked to
 commodities indexes, volatile commodities prices. Risks include limited
 portfolio diversification, uncertain principal repayment, and illiquidity.
 Also, the investor fee will reduce the amount of your return at maturity or
 on redemption, and as a result you may receive less than the principal
 amount of your investment at maturity or upon redemption of your Securities
 even if the value of the relevant index has increased.
     Brokerage commissions will apply to purchases and sales of the
 Securities in the secondary market. The sale, redemption or maturity of the
 Securities will generate tax consequences. The trading prices of the
 Securities will reflect changes in their intrinsic value as well as market
 supply and demand, among other factors. The trading prices of the
 Securities may also be influenced by changes in the credit rating of
 Barclays Bank PLC.
     Goldman Sachs, GSCI(R), GSCI(R) Index, GSCI(R) Total Return Index,
 Goldman Sachs Commodity Index, and Goldman Sachs Crude Oil Total Return
 Index are trademarks or service marks of Goldman, Sachs & Co. and have been
 licensed for use by Barclays Bank PLC in connection with the Securities.
 The Securities are not sponsored or endorsed by Goldman, Sachs & Co. or any
 of its affiliates (individually and collectively, "Goldman"). The
 Securities are not sold by Goldman other than in its capacity as a dealer
 of securities. Goldman makes no representation or warranty, express or
 implied, to the owners of the Securities or any member of the public
 regarding the advisability of investing in securities generally or in the
 Securities particularly or the ability of the Goldman Sachs Commodity Index
 or any of its subindexes to track general commodity market performance.
     iPath, iPath ETNs and the iPath logo are service marks of Barclays Bank
 PLC. iShares(R) is a registered trademark of Barclays Global Investors,
 N.A. All other trademarks, service marks or registered trademarks are the
 property of their respective owners.
     Filed Pursuant to Rule 433
     Registration No. 333-126811
     August 16, 2006

SOURCE Barclays