Oil News

verfasst von KEEP-COOL, 12.09.2002, 20:26

-->Hallo together

Der Ã-lpreis verliert bislang von seiner Kriegsprämie über 1,02 $/b

Gruss

K C




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09/12 12:47
Crude Oil Falls as U.S. Attack on Iraq May Not Be Imminent
By Stephen Voss


New York, Sept. 12 (Bloomberg) -- Crude oil fell after President George W. Bush told the United Nations that the U.S. will work with the world body to disarm Iraq, signaling that a unilateral U.S. attack isn't imminent.

``The world must move decisively to hold Iraq to account,'' Bush said. Oil prices have risen 19 percent since mid-June as the U.S. accused Iraq of ignoring UN sanctions and amassing weapons of mass destruction. The country pumps 2 percent of the world's oil.

``Oil prices fell because there wasn't anything in the speech to give the impression that a military strike was imminent,'' said Tom Bentz, an analyst and broker at BNP Paribas Futures Inc. in New York. ``The U.S. is going to allow the UN to try to put together a resolution.''

Crude oil for October delivery was down 76 cents, or 2.6 percent, at $29.01 a barrel at 12:05 p.m. on the New York Mercantile Exchange. Prices earlier dropped to $28.70, the lowest price in a week.

Bush made it clear that the U.S. is prepared to act with or without UN backing.

``We will work with the UN Security Council for the necessary resolutions, but the purposes of the United States should not be doubted,'' Bush said. ``The just demands of peace and security will be met, or action will be unavoidable.''

UN Secretary-General Kofi Annan urged Iraq to comply with Security Council resolutions requiring it to allow UN inspections of suspected weapons sites. He also appealed for a ``multilateral path'' in dealing with the issue.

``Even the most powerful countries know that they need to work with others,'' Annan told the UN General Assembly before Bush's speech.

Powell and Allies

U.S. Secretary of State Colin Powell will meet tomorrow with representatives of Russia, China, France and the U.K., the other four members of the UN Security Council, to draft a new resolution on Iraq, U.S. officials said.

Powell lobbied allies yesterday, on the anniversary of the Sept. 11 terrorist attacks on New York and Washington. He met separately with foreign ministers from Germany and Australia, and then spoke briefly with ministers from the other Security Council nations.

``They discussed Iraq and the need for the international community to deal with Iraq's violations of Security Council resolutions,'' U.S. State Department spokeswoman Lynn Cassel said.

BNP Paribas' Bentz said he expects that ``the U.S. will act alone'' if UN backing isn't forthcoming.

Military Build Up

The U.S. Central Command will send about 600 headquarters personnel to the Persian Gulf by November, and an aircraft carrier battle group arrives in the area tomorrow as part of a scheduled rotation of naval forces, the Pentagon said.

The movement of staff from the headquarters that directed the U.S. attacks on Afghanistan in October may indicate preparations for action against Iraq, analysts said.

Saudi Arabia has promised to make up for any shortfall in shipments from Iraq. Members of the Organization of Petroleum Exporting Countries, excluding Iraq, have more than 5 million barrels a day of spare capacity, according to Bloomberg estimates.

Concern that Middle East oil supplies might be disrupted by a U.S. attack on Iraq have added between $1 and $6 a barrel to current oil prices, analysts estimate.

``It's maybe a dollar or two,'' said Phil Flynn, vice president and senior market analyst at Alaron Trading Corp. in Chicago. ``I have a hard time believing the war premium is $5.''

The International Energy Agency, an adviser to 26 industrialized nations on oil policy, yesterday said world crude- oil inventories are ``uncomfortably low'' and urged OPEC to increase supply when it meets next week in Osaka, Japan.

In response, OPEC Secretary-General Alvaro Silva today told the group's news agency that oil inventories are ``healthy.'' Silva said last week that there was no need for OPEC to increase production quotas.

In London, the October Brent crude-oil futures contract was down 65 cents at $27.74 a barrel on the International Petroleum Exchange.

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• Oil News - KEEP-COOL, 12.09.2002, 20:26