Newspaper article THE JOURNAL RECORD

Warning Embargo Fears Cause Oil Prices to Fall

Newspaper article THE JOURNAL RECORD

Warning Embargo Fears Cause Oil Prices to Fall

Article excerpt

From Staff, Wire Reports

Oil futures prices rocketed higher then plummeted Tuesday on the New York Mercantile Exchange amid waning fear that a planned U.S. embargo on Iran will affect crude oil supply and demand.

The losses in crude came despite expectations that American Petroleum Institute data, released after the close, would show a moderate drop last week in U.S. crude inventories.

Petroleum futures products also posted losses but fared better than crude on expectations for promising API numbers.

Light, sweet crude oil for June delivery settled 41 cents lower at $20.09 a barrel.

On the spot market, Kerr-McGee Refining Corp., Sun Co., Phillips 66 Co. and Koch Oil Co. reduced prices 50 cents per barrel decreasing Oklahoma Sweet and West Texas Intermediate to $18.25 per barrel.

Kerr-McGee said it would pay $18.50 a barrel for Central Oklahoma Sweet and $16.90 a barrel for Oklahoma Sour. Sun and Koch priced Oklahoma Sour at $16.40 per barrel.

On the Merc, June natural gas fell 2. …

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