April 8 —
Latest developments regarding Iraq's oil, world oil markets:
THE OIL FIELDS: Firefighters have extinguished another fire in
the Rumeila South oil field, leaving a single blaze still to tackle.
After collecting water in a manmade lagoon, a U.S. team from Boots
& Coots International Well Control succeeded in putting out a
fire at one of the wells sabotaged by retreating Iraqis, Kuwait's
top firefighter Aisa Bouyabes said Tuesday. The Kuwaiti team has
re-excavated its own lagoon and was filling it with water before
attacking a different fire at a nearby well head.
U.S. and British forces have secured 900 out of 1,000 wells in
oil fields in southern Iraq, the U.S. military central command in
Doha, Qatar, said Tuesday. No oil is being exported from southern
Baghdad still controls wells in the North, and industry sources
said that crude from oil fields in northern Iraq continued flowing
in small amounts through a pipeline to the port of Ceyhan,
THE MARKET: Crude prices rose slightly in light trading. On
London's International Petroleum Exchange, North Sea Brent futures
for May delivery were trading 7 cents higher in morning trading at
$24.65 a barrel. May Brent futures slipped 10 cents Monday to close
at $24.58 a barrel.
The May contract for U.S. light, sweet crude was up 16 cents a
barrel at $28.12 a barrel in after-hours trading on the New York
Mercantile Exchange. U.S. crude futures closed Monday at $27.96,
falling 66 cents.
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