Mike123abc
03-21-03, 02:07 PM
After reaching nearly $40 down to $26.85
From the Wall street Journal: http://online.wsj.com/article/0,,SB104825583067220200,00.html?mod=special_covera ge (subscription required)
Crude-oil prices took another dive Friday, as coalition forces in Iraq secured oil fields and traders continued to expect a short-lived war.
Crude-oil futures for May fell $1.27 cents to $26.85 a barrel in afternoon trading on the New York Mercantile Exchange. Earlier the contracts fell to $26.70, the lowest price for a contract nearest to expiration since Dec. 4.
April heating oil futures lost 5.04 cents to 77.40 cents a gallon. April gasoline decreased 5.59 cents to 85.40 cents a gallon, and April natural gas lost 14.6 cents to $5.16 per million British thermal units.
Adm. Michael Boyce, chief of the British defense staff, confirmed that allied forces had secured all key components of the oil fields in southern Iraq, including the strategic port in the southern Iraqi city of Umm Qasr and the nearby al-Faw peninsula -- Iraq's access point to the Persian Gulf and the site of major oil facilities. Only seven wells had been set ablaze by Iraqi forces, not the original estimate of 30, Adm. Boyce said.
From the Wall street Journal: http://online.wsj.com/article/0,,SB104825583067220200,00.html?mod=special_covera ge (subscription required)
Crude-oil prices took another dive Friday, as coalition forces in Iraq secured oil fields and traders continued to expect a short-lived war.
Crude-oil futures for May fell $1.27 cents to $26.85 a barrel in afternoon trading on the New York Mercantile Exchange. Earlier the contracts fell to $26.70, the lowest price for a contract nearest to expiration since Dec. 4.
April heating oil futures lost 5.04 cents to 77.40 cents a gallon. April gasoline decreased 5.59 cents to 85.40 cents a gallon, and April natural gas lost 14.6 cents to $5.16 per million British thermal units.
Adm. Michael Boyce, chief of the British defense staff, confirmed that allied forces had secured all key components of the oil fields in southern Iraq, including the strategic port in the southern Iraqi city of Umm Qasr and the nearby al-Faw peninsula -- Iraq's access point to the Persian Gulf and the site of major oil facilities. Only seven wells had been set ablaze by Iraqi forces, not the original estimate of 30, Adm. Boyce said.