OGJ Newsletter

Market MovementSupply concerns drive record oil pricesCrude oil prices reached new highs Aug. 9, with the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes hitting $40.04/ bbl, the highest level in 20 years, following reports that crude production in southern Iraq was halted because of sabotage threats.The September contract for benchmark US sweet, light crudes, meanwhile closed at a record high of $44.84/bbl after earlier hitting an all-time record of $44.98/bbl Aug. 9 on the New York Mercantile Exchange.However, subsequent reports said Iraqi crude exports were only reduced to 1.1 million b/d from 1.9 million b/d. Crude prices eased during Aug. 10 tradin...

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