Middle East peace undercuts crude prices

08/28/2006
Crude prices tumbled Aug. 14-17, dropping a total $4.29 to a 2-month low closing of $70.06/bbl on the New York market after a United Nations-sponsored ceasefire in Lebanon went into effect and BP PLC said it would keep online half of Prudhoe Bay, the biggest US oil field, while corroded transit lines are repaired.The September contract traded as low as $69.90/bbl before rebounding to close at $71.14/bbl Aug. 18.“Concerns over the disruption of oil are slowly dissipating due to the Lebanon cease-fire order,” said analysts at Raymond James & Associates Inc. “Also exacerbating downward pressure on oil is news that the Organization of Petroleum Exporting Countries has re...
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