Newspaper article THE JOURNAL RECORD

News on Mideast Events Causes Dip in Oil Futures

Newspaper article THE JOURNAL RECORD

News on Mideast Events Causes Dip in Oil Futures

Article excerpt

Prices of oil futures dropped again on Tuesday after the Pentagon reported that some Iraqi units positioned near the Kuwaiti border may be withdrawing.

Prices for next month's deliveries of light sweet crude oil, which declined 27 cents per barrel on Monday, fell another 29 cents to settle at $17.70 per barrel Tuesday on the New York Mercantile Exchange.

In London, North Sea Brent Blend crude oil for delivery in November settled at $16.44 per barrel, down 20 cents on the International Petroleum Exchange.

On the spot market, prices were lowered 50 cents per barrel on Tuesday by Kerr-McGee Refining Corp., Sun Co., Koch Oil Co. and Phillips 66 Co., dropping Oklahoma Sweet and West Texas Intermediate to $16 a barrel. Kerr-McGee priced Central Oklahoma Sweet at $16.25 a barrel and Oklahoma Sour at $14.65 a barrel. Sun and Koch said they would pay $14.15 per barrel for Oklahoma Sour.

In other trading on the Nymex, natural gas prices were higher, with contracts for delivery in November settling at $1. …

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