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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts -- Ignore unavailable to you. Want to Upgrade?

To: Junkyardawg who wrote (58242)	11/2/2000 10:41:59 AM
From: Junkyardawg	Respond to of 63513

11/02 09:11 Crude Oil Falls After Israel, Palestinians Agree on Peace Plan By Stuart Wallace London, Nov. 2 (Bloomberg) -- Crude oil fell more than 2 percent after Israel and the Palestinians agreed on a peace plan, easing concern that Middle East tensions might disrupt supplies. Leaders from both sides were due to formally announce the agreement, aimed at ending five weeks of violence, in simultaneous statements. Crude oil prices touched 10-year highs in September after Middle East violence raised concern that regional producers might implement an oil embargo in response to the violence. ``It's a step towards the peace plan and the market's reacting to that,'' said John Fry, an analyst at Barclays Capital. ``It (the Middle East) is a very real problem. Most people are moderate but on both sides you have some hardcore activists. It's not the end of the story, it can escalate.'' Brent crude oil for December settlement fell as much as 70 cents, or 2.2 percent, to $30.61 a barrel on London's International Petroleum Exchange. Still, crude oil rallied in early afternoon trading and was recently down 41 cents at $30.90 a barrel following reports of a deadly bomb attack in Jerusalem. At least two people were killed and three people injured in a bomb explosion in a busy shopping district of west Jerusalem, Israeli Television reported. In the U.S., crude oil for December delivery fell as much as 88 cents, or 2.7 percent, to $32.37 a barrel in electronic trading on the New York Mercantile Exchange. It was recently down 50 cents at $32.75 a barrel. Israel and the Palestinians agreed to implement a cease-fire pact reached last month at a meeting in Egypt. At least two Palestinian groups have vowed the anti-Israeli uprising will continue, Agence France-Presse reported.