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Mix-Ansicht- US/IRAK - Rohölpreisausschlag - KEEP-COOL, 13.08.2002, 20:18
US/IRAK - Rohölpreisausschlag
-->Crude Oil Steady on Easing Concern of U.S. Attack on Iraq
By Mark Shenk
New York, Aug. 13 (Bloomberg) -- Crude oil was little changed on expectations that any U.S. attack on Iraq is still months away. Concern that an attack was near sent prices to a three-week high in early trading.
Prices surged yesterday after Iraq ruled out the return of United Nations weapons inspectors. U.S. President George W. Bush has called for the ouster of Iraqi President Saddam Hussein, saying his pursuit of weapons of mass destruction threatens Iraq's neighbors and may aid terrorists.
``There was a wild scrum when we opened and some follow- through from yesterday,'' said Michael Fitzpatrick, a futures broker at Fimat USA Inc. in New York. ``I'm not a military analyst but reality dictates that an invasion of Iraq is far off. It would take many months to move the necessary equipment into place.''
Crude oil for September delivery was 2 cents higher at $27.88 a barrel as of 12:12 p.m. on the New York Mercantile Exchange. Prices rose as high as $28.10 in early trading, the highest price since July 17.
In London, the September Brent crude-oil futures contract was up 7 cents at $26.10 a barrel on the International Petroleum Exchange.
Iraq invaded Kuwait on Aug. 2, 1990. A U.S.-led bombing campaign on Iraq began on Jan. 16, 1991, and a land offensive into Iraq started on Feb. 24 of that year.
``The market is going to be real choppy until the next headline on Iraq,'' said Justin Fohsz, a broker at Starsupply Petroleum Inc. in Englewood, New Jersey. ``Items that would seem unimportant at other times are able to move the market now because of the concerns about Iraq.''
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