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Article: OIL PRICES SURGE IN UNITED STATES EXCEED $40 PER BARREL BEFORE DROPPING TO $35.(Main)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- January 17, 1991
CopyrightCOPYRIGHT 1991 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Associated Press
Oil prices in the United States instantly soared above $40 per barrel, then backed off in cash trading as war with Iraq began Wednesday night, traders said.
While television news reports broadcast the sounds of bombs and gunfire in the Iraqi capital of Baghdad, crude oil prices took their biggest jump of five months in private cash trading - oil companies making deals outside the venue of energy markets.
The price of crude oil shot up dollars at a time from the closing price of $32 per barrel Wednesday afternoon on the New York Mercantile Exchange. Some oil dealers refused at one point to sell oil for less than $41 per ...