Newspaper article THE JOURNAL RECORD

Crude Futures Fall

Newspaper article THE JOURNAL RECORD

Crude Futures Fall

Article excerpt

Crude oil futures retreated Thursday on the New York Mercantile Exchange as the U.N. Security Council neared a vote on a plan to more than double the amount of oil Iraq is allowed to export to pay for food and medicine.

On other commodity markets, silver posted strong gains in consolidation after two days of sharp losses.

The Security Council was expected to vote as early as Friday to allow Iraq to export $5.2 billion worth of oil every six months, up from the current limit of $2 billion, according to John Weston, the British ambassador to the United Nations. The oil sales are an exception to a U.N. embargo imposed after Iraq's 1990 invasion of Kuwait. The Security Council has been moving ahead with plans to increase the flow of oil to buy humanitarian supplies even as the Clinton administration prepares for a military strike against Iraq. The Iraqi government has refused to allow U.N. inspectors free access to suspect sites where chemical and biological weapons are produced. …

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