- Title: VARIOUS: OIL PRICES COOL AFTER ISRAELI TROOPS PARTIALLY WITHDRAW FROM WEST BANK.
- Date: 9th April 2002
- Summary: (U5) ADANA, TURKEY (APRIL 9, 2002) (REUTERS) 1. VARIOUS: OIL TANKS; OIL PIPES; HARBOUR (7 SHOTS) 0.29 (U5)UNIDENTIFIED LOCATION, IRAQ (FILE) (REUTERS) 2. LV/GV: VARIOUS OF OIL REFINERY (4 SHOTS) 0.51 (U5) LONDON, UNITED KINGDOM (APRIL 9, 2002) (REUTERS) 3. GRAPHICS SHOWING OIL PRICE RISE AFTER IRAQI CRUDE EXPORT SUSPENSION 1.00 (U5)NEW YORK, NEW YORK, UNITED STATES (APRIL 8, 2002) (REUTERS) 4. TRADING FLOOR ON THE NEW YORK MERCANTILE EXCHANGE; OIL TRADERS (3 SHOTS) 1.14 5. CU: (SOUNDBITE) (English) MIKE LENHOFF, CHIEF PORTFOLIO STRATEGIST, GERRARD STOCKBROKERS, SAYING "I think what everyone would like to see is some stability in oil price. If it would stabilize somewhere around twenty five dollars per barrel, that would be quite acceptable. If it goes beyond, if it exceeds the upper bound of the range, and we are talking about twenty eight dollars plus, than I think there is a danger of the recovery to be jeopardized. And of course anything above thirty - thirty five dollars brings prospect of a double dip." 1.42 6. GRAPHICS SHOWING OIL PRICE RISE AFTER BEGINNING OF ISRAELI TROOPS WITHDRAWAL 1.51 7. MCU: (SOUNDBITE) (English) MIKE LENHOFF, CHIEF PORTFOLIO STRATEGIST, GERRARD STOCKBROKERS, SAYING "As the hostilities subside, hopefully they will, what we will see is the removal of the war premium in the oil price. Estimates have ranged anyway from three to six dollars. As that begins to diminish than oil price will drop back towards the lower end of the range that OPEC always intended the oil price to stay in. And I think that would be very good news for economic prospects. It will certainly keep alive the idea of recovery." 2.19 (U5) UNIDENTIFIED LOCATION, UNITED KINGDOM (FILE) (REUTERS) 8. LV: OIL REFINERY (2 SHOTS) 2.36 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 24th April 2002 13:00
- Keywords:
- Location: LONDON, ENGLAND, UNITED KINGDOM; ADANA, TURKEY; NEW YORK, UNITED STATES; VARIOUS UNIDENTIFIED LOCATIONS
- City:
- Country: USA Turkey United States England United Kingdom Iraq
- Reuters ID: LVAEIT3Z946JVERHZRO7RAQRLMK9
- Story Text: Oil prices retreated on Tuesday after Israeli troops
partially withdrew from the West Bank and the market calmed
after jumping on Iraq's crude export suspension to support
Palestinians.
Israel's withdrawal from two West Bank towns cooled
prices on Tuesday morning (April 9, 2002) which the previous day
reached another high of 28 US dollars per barrel after Iraqi
President Saddam Hussein had announced a one-month halt to oil
supplies to protest Israel's incursion into Palestinian areas
of the West Bank.
However, prices jumped again nearly 40 cents in the
afternoon after Israeli Prime Minister Ariel Sharon said the
offensive against Palestinian territories would continue.
Sharon was speaking in response to the killing of 13 Israeli
soldiers in fighting at the Jenin refugee camp -- the biggest
single loss of life for Israel since the Palestinian uprising
started 18 months ago.
"I think what everyone would like to see is some stability
in oil price. If it would stabilize somewhere around 25
dollars per barrel, that would be quite acceptable. If it goes
beyond, if it exceeds the upper bound of the range, and we are
talking about 28 dollars plus, than I think there is a danger
of the recovery to be jeopardized," said market analyst Mike
Lenhoff.
The Turkish energy ministry confirmed Iraqi oil exports
from the Turkish Ceyhan port had stopped at 1000 GMT on
Monday. But the ministry also said the it had been expecting a
pause in pumping even before Saddam's announcement because
storage tanks were full at Ceyhan port.
Iranian authorities also said on Tuesday they were ready
to stop oil exports to countries supporting Israel but such an
embargo would be effective only if other nations cooperate.
However, they made no direct reference to former enemy Iraq's
decision to suspend exports, removing nearly two million
barrels a day of crude from the market.
The European Commission convened a meeting of national EU
oil experts on Tuesday to discuss the effect of Iraq's
decision.
The so-called EU "oil supply group" will discuss the oil
price trend and "if necessary, the appropriate measures to be
taken", Commission spokesman Gilles Gantelet told a news
briefing.
Iraq has previously used oil exports as a political weapon
in a bid to rattle the United States, both its arch-enemy and
biggest oil customer.
But Iraq's fellow OPEC members have always downplayed
disruptions in crude flows, vowing to fill any supply gaps.
Saudi Arabia, the world's biggest oil exporter, moved on
Tuesday to assure global markets shaken by Iraq's latest move
that it will not allow any shortages.
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