Newspaper article THE JOURNAL RECORD

Crude Oil Prices Remain Steady

Newspaper article THE JOURNAL RECORD

Crude Oil Prices Remain Steady

Article excerpt

NEW YORK -- Crude oil was steady as United Nations Secretary- General Kofi Annan arrived in Baghdad for talks aimed at ending a dispute over weapons inspections and averting a U.S. military strike on Iraq.

"Nothing is going to go on with the Iraqi standoff still on," said Tom Bentz, an oil trader at Cresvale International United States in New York.

Annan told reporters on arriving in Baghdad that he was "reasonably optimistic" a peaceful solution will be found to the showdown over Iraq's interference with U.N. inspections of sites suspected of containing weapons of mass destruction. The United States is prepared to launch air and missile strikes against Iraq if diplomatic efforts fail to resolve the crisis. Crude oil for March delivery was little changed at $16.15 a barrel, down 1 cent, on the New York Mercantile Exchange. March gasoline fell 0.78 cent, or 1.5 percent, to 50.41 cents a gallon on the Nymex, and March heating oil fell 0.63 cent, or 1. …

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