Crude Oil Falls as Iraq Oil Fields Secured by U.S., U.K. Forces
New York, March 21 (Bloomberg) -- Crude oil fell for a
seventh session as U.S. and U.K. troops secured Iraq's two largest
oil fields, raising expectations that exports will resume without
complications at the end of the war to disarm Saddam Hussein.
As many as 30 oil wells near Basra in southern Iraq were on
fire, U.K. Defense Secretary Geoff Hoon said. Iraq's biggest oil
field in the region, Rumaila, has more than 600 wells, according
to the U.S. Energy Department. U.S. special forces took fields
around Kirkuk in northern Iraq, Abu Dhabi Television news said.
``If allied forces have secured the areas around Basra and
Kirkuk then you've effectively saved most of the Iraqi oil
industry,'' said Bruce Evers, an analyst at Investec Henderson
Crosthwaite in London.
Crude oil for May delivery was down 72 cents, or 2.7 percent,
at $27.40 a barrel as of 12:11 P.m. on the New York Mercantile
Exchange. Prices have plummeted 28 percent since March 12. Oil
reached $27.10 during the session, the lowest price since Dec. 10.
In London, the May Brent crude-oil futures contract was down
73 cents, or 2.9 percent, at $24.77 a barrel on the International |
