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April 8, 2003
 
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Developments in Iraq, World Oil Markets
Developments in Iraq, World Oil Markets

The Associated Press


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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 Iraq.

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, Turkey.

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.

Copyright 2003 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 
 
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