Newspaper article THE JOURNAL RECORD

Oil Futures Plunge on News from Iraq

Newspaper article THE JOURNAL RECORD

Oil Futures Plunge on News from Iraq

Article excerpt

From Staff, Wire Reports

A skittish oil market sent futures prices plunging again Friday on news of a breakthrough between Iraq and the United Nations on inspections of missile test sites.

August delivery of light sweet crude oil settled at $17.21 a barrel, down 46 cents at the New York Mercantile Exchange.

Posted cash prices on the spot market were lowered 50 cents by Phillips 66 Co., Koch Oil Co. and Sun Co., each posting Oklahoma Sweet and West Texas Intermediate at $15.50 a barrel. Oklahoma Sour was posted at $13.65 by Koch and Sun. Kerr-McGee Corp. had not made a price change late Friday.

In London, North Sea Brent Blend crude oil for September delivery closed at $16.31 a barrel, down 34 cents, at the International Petroleum Exchange.

Natural gas prices were higher, with August contracts on the New York Mercantile Exchange settling at $2.067 per 1,000 cubic feet, up 3.6 cents.

Unleaded gasoline for August delivery dropped 1.02 cents to settle at 51. …

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