Crude Oil Steady as Fighting in Southern Iraq Limits Exports
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Crude oil futures were little changed in New York after falling Friday on expectations reduced fighting in Iraq&#39;s holy city of Najaf may enable the country to restore oil exports to full capacity.
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Oil futures dropped by nearly $1 per barrel Monday despite pipeline sabotage in Iraq that has delayed exports from a southern port - reinforcing the view among traders that prices had risen too fast earlier this summer.
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Oil exports from southern Iraq have been brought to a complete halt, a senior oil official said Monday, following a spate of pipeline attacks launched by insurgents trying to undermine the nation's interim government.
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With $50-a-barrel in sight, oil traders were glued Friday to developments in Iraq, where tensions between US forces and rebel fighters appeared to ease, raising hopes that attacks against the country&#39;s oil infrastructure would subside.
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Oil prices fell below $48 a barrel as tensions between US forces and rebel fighters in Iraq eased, raising hopes that attacks against the country&#39;s oil infrastructure would subside. US light crude for September delivery settled at $47.86 on the New York ...
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Iraq continued to export oil at one million barrels a day on Friday, after an attack on the South Oil Company headquarters brought sabotage operations to a new level, an official at the state-owned entity said.
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Oil prices held steady on Tuesday after falling 2 percent a day earlier and were set for further falls in anticipation of higher U.S. crude stocks despite concerns over disruptions to Iraqi oil flow.
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Iraq's oil exports are still flowing at one million barrels per day through southern terminals despite an attack on the South Oil Company headquarters on Thursday, an oil official at the company said.
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30 August 2004 -- Oil exports from southern Iraq have completely ceased following a series of pipeline attacks by saboteurs. Two senior officials from the South Oil Company, speaking on condition of anonymity
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Iraq's oil exports were still running at half their normal rate Sunday as instability due to an anti-U.S. uprising prevented the re-opening of a main pipeline feeding the country's terminals in the Gulf.
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Crude oil futures rose in New York, after falling from a record on Friday, as fighting in Iraq&#39;s holy city of Najaf damped expectations the country would restore oil exports to full capacity.
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Aug. 19 (Bloomberg) -- Crude oil futures jumped to a record $48.70 a barrel in New York on concern that Iraqi exports may drop further because of clashes in southern Iraq between US troops and fighters loyal to Shiite Muslim cleric Moqtada al- Sadr.
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BAGHDAD, Iraq -- Oil exports from southern Iraq have been brought to a complete halt, a senior oil official said Monday, following a spate of pipeline attacks launched by insurgents trying to undermine the volatile nation&#39;s interim government.
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Oil prices tumbled below $47 on  Monday after OPEC producers agreed to keep crude output  unchanged for now and Iraq's elections passed without  disruption to oil exports.
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Iraq continued to export oil at one million barrels per day on Friday after an attack on the South Oil Company headquarters took sabotage operations to a new level, an official at the state-owned entity said.
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SINGAPORE -- Oil prices remained below the $50 a barrel mark in Asian trading Monday but fears of escalating violence in Iraq kept traders on edge.
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Aug. 19 (Bloomberg) -- Crude oil futures in New York rose to a record after a report showed near-record imports aren&#39;t helping US oil inventories keep pace with demand and as fighting in Iraq raised concern about its ability to boost exports.