Oil Falls Below $70 on Death of Al Qaeda's Zarqawi

money.cnn.com ^ | June 8, 2006 | staff

[kellynla]

SINGAPORE (Reuters) - Oil fell nearly 2 percent to below $70 for the first time in two weeks Thursday after the death of al Qaeda'a leader in Iraq, where crude exports have been curbed by frequent sabotage attacks and instability.

The plunge deepened losses from a day ago, when data showed rising crude and fuel inventories, easing concerns about summer supplies in the world's biggest consumer.

Al-Zarqawi is seen in an image from a video aired in April by the Al-Jazeera network.

U.S. crude oil fell $1.12 to $69.70 a barrel on the New York Mercantile Exchange after losing $1.68, or 2 percent, on Wednesday.

Iraq's Prime Minister Nuri al-Maliki told a televised news conference on Thursday that Zarqawi had been "terminated."

Oil exports from Iraq have failed to return to pre-war levels due to frequent sabotage attacks on the country's northern pipeline and deteriorating security that has prevented significant investment in aging southern oilfields.

[kellynla]

"Iraqi Deputy Prime Minister Barham Salih said separately on Thursday that Iraq would produce 4.3 million barrels per day of crude oil by 2010, more than double its current levels, but analysts say those targets may be optimistic.

Baghdad is struggling to pump 2 million bpd, down from about 2.5 million bpd before the U.S.-led invasion in 2003."

[kellynla]

Energy Prices

PETROLEUM ($/bbl)
PRICE* CHANGE % CHANGE TIME
Nymex Crude Future 69.55 -1.27 -1.79 11:08
IPE Crude Future 68.07 -1.12 -1.62 11:06
Dated Brent Spot 66.49 -1.23 -1.82 11:38
WTI Cushing Spot 69.60 -1.22 -1.72 10:06

http://www.bloomberg.com/energy/

[Concho]

They are temporarily disrupted, and dont have anyone available this weekend to blow up the pipelines?

[battlegearboat]

Free maps?

[frogjerk]

Oil Falls Below $70 on Death of Al Qaeda's Zarqawi

Don't worry...A report of a rumor that a gas station in Weehawken accidentally spilled a half-gallon of gasoline on the street will make the price of oil spike up to $72 a barrel...

[kellynla]

well gas prices "dropped" to 3.09 here! LOL
which is a 9 cent drop from last week;
so you know we'll be filling up the vehicles this week! :-]

[skinkinthegrass]

..down here (in Central Ky.), a mosquito pissed in the field, gas prices shot-up 30 cents /Gal.on Monday.... dropped back to 2.62 /gal. yesterday. :^/

[kellynla]

well ya'll run that white lightnin' in your trucks down there any way don't cha? :-]

[calex59]

2.62! Where do you live? Here in Northern CA it is 3.45.

[skinkinthegrass]

White Lightin' ??? (never tasted the stuff :) / Truck ???
I drive a Caddy....2.83/gal...0.20/gal. more than unleaded :D

2.62! Where do you live? Here in Northern CA it is 3.45.
Sorry.....too bad, you live in Kalifornia (hwy. taxes also pay for social programs).:^/

[skinkinthegrass]

well ya'll run that white lightnin' in your trucks down there any way don't cha? :-]

White Lightin' ??? (never tasted the stuff :) / Truck ???
I drive a Caddy....2.83/gal...0.20/gal. more than unleaded :D