N.Y. Crude Oil Rises Above $48 as Iraqi Fighting Cuts Exports

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How soon 'til we hit $50 a barrel???

N.Y. Crude Oil Rises Above $48 as Iraqi Fighting Cuts Exports

http://quote.bloomberg.com/apps/news?pid=10000006&sid=a5EZl3cqN99k&refer=home

Aug. 19 (Bloomberg) -- Crude oil futures jumped above $48 a barrel in New York on concern that Iraqi exports will be further reduced because of clashes in southern Iraq between U.S. troops and fighters loyal to Shiite Muslim cleric Moqtada al-Sadr.

Disruptions to pipeline shipments in southern Iraq have cut exports, which have declined from 1.8 million barrels a day in April to about 1 million now. Militias loyal to al-Sadr attacked an oil pipeline in the south and set the Hulaifah oil field on fire, said Iraqi Prime Minister Ayad Allawi in a press conference broadcast on Arab television stations.

Demand has risen faster than production making oil prices jump on threatened supply disruptions, said Boone Pickens, who oversees more than $1 billion in energy investments at BP Capital in Dallas. Pickens predicted in May that prices would reach $50. The International Energy Agency, adviser to 26 industrialized nations, raised its projections of 2004 oil demand to 82.2 million barrels a day earlier this month.

SNIP

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1. Duplicate topic

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x762366