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Article: Oil prices spike on war fears.(The Dallas Morning News)
- Article from:
- Knight Ridder/Tribune News Service
- Article date:
- September 14, 2001
- Author:
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune News Service. 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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Oil prices rose to nearly $30 a barrel Friday _ a spike that energy and Middle East experts said was driven by fears of a war in or near the Middle East in response to Tuesday's terrorist strikes at the World Trade Center and the Pentagon.
"It's a little war premium," said Nathaniel Kern, president of Foreign Reports Inc., consultants in the energy industry. "It is fear. If anything, demand is down and supplies are steady."
Oil prices often rise in response to tensions in the Middle East. In October 1990, shortly after Iraq invaded Kuwait, oil prices hit a record high of $41.15 a barrel.
The International Energy Agency, the energy watchdog of ...