Iraqi sales doubts prop up oil prices

05/31/1999
Questions over the outlook for Iraqi oil supplies this year have put a prop under oil prices again. Oil prices rose slightly last week as traders waited on a renewal of the accord between the United Nations and Iraq allowing Baghdad to sell oil to raise funds to buy food and medicine. Dated Brent crude closed at $14.68/ bbl in London on May 25, while Brent crude for July delivery closed at $15.18/bbl. July Brent closed at $15.50/bbl May 26, regaining ground lost in the preceding week and more. Baghdad last week grudgingly accepted a U.N. proposal to renew the humanitarian oil sales but voiced its displeasure over how the aid would be distributed, repeating a pattern datin...
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