Crude Oil Prices React Cautiously to Iraqi Developments

Crude oil prices in the US saw a subdued reaction to the latest developments in Iraq, with protests from the White House and the U.N. Security Council contributing to a gain of only 8 cents/bbl in New York. The decision by Iraq to suspend cooperation with arms inspectors initially sent prices rising, but profit-taking in the afternoon led to a decline. The September light, sweet crude on the New York Mercantile Exchange (Nymex) closed at $13.76/bbl, while North Sea Brent crude in London ended the day up slightly, closing at $12.61/bbl.

Key Takeaways:

• Crude oil prices in the US saw a minimal gain of 8 cents/bbl following the protests from the White House and the U.N. Security Council.
• The September light, sweet crude on the Nymex closed at $13.76/bbl.
• North Sea Brent crude in London ended the day up slightly, closing at $12.61/bbl.
• The decision by Iraq to suspend cooperation with arms inspectors initially pushed September light, sweet crude as high as $13.92/bbl.
• Profit-taking in the afternoon led to a decline in prices.

Statistics:

• September light, sweet crude on the Nymex closed at $13.76/bbl.
• North Sea Brent crude in London closed at $12.61/bbl.
• A fire at Shell Oil Co.'s Deer Park, Texas, refinery shut down a 65,000 b/d catalytic cracker.
• Nymex gasoline prices shot up by 0.93 cents at 42.87 cents/gallon.
• Nymex heating oil prices gained 0.56 cents to close at 36.33 cents/gallon.

Sources:

• See story, p.5
• [No mentioning of other specific sources are available]