Friday, August 20, 2004
Oil prices showed no signs of slowing as violence in Iraq still unrest and solid worldwide demand pushed prices closer to the $50 a barrel mark.
"Crude oil is on the run again as violence heats up in Iraq," the brokerage Refco said in a note to clients, according to Reuters.
Rising world oil demand has left little slack in the system to cope with outages in Iraq where Shiite militia have lived up to threats they will target oil infrastructure if U.S. forces do not leave the holy city of Najaf.
Also underpinning prices has been the uncertainty around Russian exporter Yukos and continuing strong demand in India and China.
By: DocMemory
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