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BUSINESS: Oil prices fall on Iraq handover

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posted on Jun, 28 2004 @ 04:14 PM
The price of oil fell sharply on Monday, as traders appeared to view the transfer of political power in Iraq as a step that could help reduce attacks against the country's oil infrastructure. Light crude for August delivery traded at $36.31 per barrel in midafternoon trading on the New York Mercantile Exchange, down $1.24, or 3.3 percent.


Oil prices hit a record $42 a barrel in May, driven by strong global demand, supply bottlenecks and fears about continuing violence and unrest in Iraq.

Instability in both Iraq and Saudi Arabia, the world's biggest oil exporter, has fuelled oil price rises in the last couple of months.

The head of Iraq's State Oil Marketing Organisation said on Monday that exports from the country's two southern ports were now close to two million barrels a day (bpd).

Iraq's oil infrastructure has been repeatedly targeted by insurgents, holding oil production well below a pre-war capacity of 2.2 million bpd.

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posted on Jun, 28 2004 @ 04:24 PM
almost a buck and a quarter? nice!!!!

i'm still waiting for hydrogen though...

and its good to see some positive things happening for a change.


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