Newspaper article The Evening Standard (London, England)

Oil Price Dives after Russia's 'Ceasefire' in Georgia Conflict

Newspaper article The Evening Standard (London, England)

Oil Price Dives after Russia's 'Ceasefire' in Georgia Conflict

Article excerpt

THE price of oil fell and the Russian currency soared today after Moscow claimed to have ordered a halt to the military action in Georgia.

Crude had jumped amid concerns about disruption to Western oil supplies from the conflict near the crucial Baku-Tbilisi-Ceyhan pipeline but this afternoon it fell back to three-month lows.

London Brent crude was down 87 cents a barrel at $111.80 while New York was $1.03 lower at $113.42.

The fall came despite BP's decision this afternoon to close two pipelines in Georgia following claims from the Georgian government of Russian bombing.

Georgia said Russia had dropped three bombs in the area through which the Baku-Supsa oil pipeline runs. One bomb hit the pipeline without exploding, it said.

Russia denied the bombing claim and BP later said it was unaware of any such action. "All our facilities are intact, " said a spokesman. However, as a precaution, it closed the Baku- Supsa and South Caucasus gas pipelines. …

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