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General: Crude Oil Up After Iraq Attack

Posted on 17.05.2004 - 06:07 EDT in GENERAL NEWS by ginamc

For the moment, it appears there's no stopping crude oil prices.

Oil futures Monday were threatening to hit another new record high as supply worries were heightened after the head of Iraq's governing council was killed in a blast Monday.

The benchmark U.S. crude was up 37 cents, or 0.9%, to $41.75 in electronic trading. The benchmark European crude, Brent North Sea, was up 34 cents to $38.20 in London exchanged-based trading. Gasoline futures, which are also at a record high, rose another one cent, or 0.8%, to $1.421 in early trading.

The latest bump in energy prices came after the Iraqi official, Izzedine Salim, was killed in a car-bomb attack in Baghdad.

U.S. oil prices last week closed above $41 a barrel for the first time ever on the New York Mercantile Exchange, surpassing the previous record high set in October 1990, when Iraq occupied Kuwait.

Prices have surged in recent weeks on worries about supply, following attracts on oil-producing facilities in the Middle East, and increase in seasonal demand as the peak Summer driving season approaches.

Key OPEC producer Saudi Arabia has called on its fellow cartel members to increase production about 6% to help prevent any negative impact of world economic growth, but oil traders have shrugged off any possible impact because oil producers are already pumping more than their official quotas.

OPEC meets with representatives of oil-consuming nations later this week in Amsterdam.

Source: E-pageads
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