Oil Industry Headlines: Week of March 22
Oil surged past $107 after a pipeline explosion in Iraq on Wednesday. “Crude oil for May delivery rose $1.68, or 1.6 percent, to settle at $107.58 a barrel at 2:43 p.m. on the New York Mercantile Exchange, the highest since March 18. Futures are up 71 percent from a year ago,” reported Bloomberg. The cause of the explosion, which interrupted supplies to Iraq’s main export terminal, is not yet known.
Published Saturday, March 29th, 2008 at 9:17 pm and filed under Industry News.