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Article: Oil prices flare, but fall back.(The Dallas Morning News)
- Article from:
- Knight Ridder/Tribune News Service
- Article date:
- March 20, 2003
- Author:
CopyrightCOPYRIGHT 2003 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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Byline: Sudeep Reddy
Reports of oil fields burning in Iraq sent oil prices jumping and then falling on the first day of the war, with traders eventually heaving a sigh of relief that only a few wells had been set ablaze.
By the end of the day, oil prices dropped more than 4 percent _ topping off a decline of more than $9 a barrel in six trading sessions.
"Every bit of news is going to get the market moving one way or another," said Allen Mesch, president of PetroStrategies Inc., a Plano, Texas-based consulting firm.
"Until reservoirs are destroyed and irreparably damaged, we're dealing with speculation, we're dealing with uncertainty, ...