Oil falls below $70

U.S. crude oil prices deepened early losses to fall below $70 a barrel for the first time in two weeks after Iraqi television reported the death of al Qaeda's leader in Iraq, Abu Musab al-Zarqawi. U.S. crude traded down 85 cents to $69.97 a barrel by 0735 GMT, falling about 35 cents following Iraqi television and U.S. ABC News reports of Zarqawi's death, apparently in an air raid near Baghdad.

Oil exports from Iraq have failed to return to pre-war levels due to frequent sabotage attacks on the country's northern pipeline and deteriorating security that has prevented significant investment in aging southern oilfields.

(2006-06-08 16:35:10 SGT) [Energy] Permalink

Comments:

Post a Comment:

Comments are closed for this entry.

« ASPO newsletter #66... | Main | Lockheed Martin... »

Most popular blog postings on lowem.log :

1. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
2. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
3. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
4. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
5. Live spot gold price quotes chart on COMEX
6. 2010 Honda Civic Hybrid preliminary specifications released
7. Fuel prices seen stoking Malaysia inflation in 2008
8. How to insert currency exchange rates into Google Spreadsheets

Featured articles on lowem.log :

1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
4. 67000 China factories closed in H1 2008 as global economic collapse takes hold
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Peakoiler buys 2008 Honda Civic Hybrid FD3
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004