Tuesday, December 23, 1997
Energy prices fall after Iraq signs aid plan
NEW YORK (AP) - Crude, heating oil and unleaded gasoline retreated
on the New York Mercantile Exchange Monday after Iraq signed off
on an aid distribution plan, which could allow it to resume shipping
oil within weeks.
The United Nations on Dec. 5 approved a new round that allows
Iraq to ship $2.1 billion in oil every three months to buy food
and medicine for its people. The humanitarian plan is an exception
to an oil embargo imposed after Iraq's 1990 invasion of Kuwait.
But Iraq has refused to export oil under the program amid criticism
that the distribution network took too long to approve contracts
and ship food. That problem appeared to have been ironed out over
the weekend, and it is expected to be presented soon to U.N. Security-General
Kofi Annan for approval.
Natural gas futures tumbled on forecasts for continued above-normal
temperatures later in the week in the country's largest heating
regions, the Midwest and Northeast.
February crude fell 22 cents to $18.32 a barrel; January heating
oil fell .81 cent to 51.15 cents a gallon; January unleaded gasoline
fell .69 cent to 55.70 cents a gallon; January natural gas fell
10.4 cents to $2.367 for each 1,000 cubic feet.
In London, North Sea Brent Blend crude oil for delivery in
January settled at $17.28 per barrel, down 25 cents.
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Abilene Reporter-News / Texnews / E.W. Scripps. Publications
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