Crude oil prices continue rising to $107, as a result of US-led forces attacks on Iraqi Mahdi Army militia

Editors Note:

It has become an established fact that crude oil prices are arbitrarily increased in the New York Merchandise Exchange following planned war attacks around the world, particularly in Iraq. From $40 per barrel in 2000, prices have been steadily increased to $107 today, yielding hundreds of billions of dollars for oil companies.

Crude prices continue rise on Iraqi unrest

www.chinaview.cn 2008-03-28 04:42:46

NEW YORK, March 27 (Xinhua) --

Crude futures rose above 107 U.S. dollars a barrel Thursday on the unrest in Iraq.

A bombing at a key Iraqi oil pipeline Thursday morning appeared to cut oil exports from the southern oil city of Basra, that could reduced to about 1.2 million barrels a day from a normal rate of 1.56 million barrels a day.

The news from Iraq added to supply concerns stoked Wednesday when the government reported that domestic fuel stockpiles fell more than expected.

The U.S. dollar rose slightly against the euro. However, analysts expect the dollar to soon resume its decline against foreign currencies.

Light, sweet crude for May delivery rose 1.68 dollars to 107.58 a barrel on the New York Mercantile Exchange after rising as high as 108.22 dollars.

Editor: Yan Liang

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