NewsMine — economy — united-states — 2003 — 2003-post-war — Viewing Item

Oil tops 30 barrel { April 17 2003 } Original Source Link: (May no longer be active)    http://www.chron.com/cs/CDA/ssistory.mpl/business/1873254 http://www.chron.com/cs/CDA/ssistory.mpl/business/1873254 April 17, 2003, 11:51PM Oil futures climb back over $30 a barrel Knight Ridder Tribune NEW YORK -- Oil prices topped $30 a barrel in New York on Thursday for the first time this month, as traders bought futures contracts ahead of the long holiday weekend to avoid being caught short. The Organization of the Petroleum Exporting Countries meets next week in Austria, where it is expected to agree on oil production cuts to try to keep prices from sliding. The lack of significant damage to oil infrastructure in Iraq has raised concerns the market could be glutted by extra oil pumped by OPEC in anticipation of a supply disruption that never happened. Those concerns have caused oil prices to drop by about 25 percent in New York since their prewar peak of $39.99 a barrel. OPEC is estimated to be exceeding its official output quota of 24.5 million barrels a day by 1.5 million to 2 million barrels a day. Indonesia said Thursday that it will ask fellow OPEC members at the April 24 meeting to cut back. But Iran's oil minister, Bijan Namdar Zangeneh, said any output cut should be from the official OPEC quotas and not from current output levels. At the New York Mercantile Exchange, May light, sweet crude futures surged $1.37 to end trading at $30.55 a barrel. May gasoline futures rose 3.39 cents to close at 90.66 cents a gallon. May heating oil rose 0.87 cent to settle at 77.36 cents a gallon. Natural gas for May delivery rose 3.2 cents to settle at $5.709 per thousand cubic feet. In London, June crude closed at $25.88 a barrel, up 86 cents.

Budget cutback healthcare poor { April 28 2003 } Buffett forecasts doom California state budget crisis { April 23 2003 } Dollar edges lower { April 9 2003 } Economy feeling sars effect Fed finds lackluster economy Fed rescue plan print money Fleming bankruptcy pain spreads { April 17 2003 } Gold up after war { April 9 2003 } Greenspan for 5th term { April 23 2003 } Jetblue orders 65 airbus { April 24 2003 } Markets red after war Nation jobless climbs { April 17 2003 } Ny mayor ten thousand more layoffs { April 15 2003 } Oil tops 30 barrel { April 17 2003 } Profit warnings hit war enthusiasm States budget shortfall { April 21 2003 } Treasure could face default { April 29 2003 } Files Listed: 18

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