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Article: Crude oil prices drop as Saudi Arabia says it favors Iraqi sale.(New York Mercantile Exchange)
- Article from:
- The Oil Daily
- Article date:
- February 2, 1996
- Author:
CopyrightCOPYRIGHT 1996 Energy Intelligence Group. 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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WASHINGTON -- The announcement that Saudi Arabia favors the limited Iraqi crude sale toppled crude futures off their daily highs in New York Thursday, despite a weather-related rally in heating oil.
The March crude contract on the New York Mercantile Exchange (Nymex) settled down 3 cents at $17.71/bbl. But while sharply down on the daily highs of $18.08, the price still was within the recovery trend seen over the past two weeks, sources said.
Saudi Arabia's Ambassador to the United States, Prince Bandar Bin Sultan, said Riyadh backs the oil-for-food deal to be discussed by Iraq and a U.N. delegation next week, provided Baghdad agrees to the terms of Resolution ...