Oil: Prices down on Opec pledge, Iraq vote awaited

[Rob-TheStormChaser]

Oil prices fell on Tuesday (NY time) as Opec producers sought to reassure markets they could avert a supply shortage in the event of war in Iraq while the US called for a UN vote this week that could authorize war.

US light crude was down 82 cents, or 2 per cent, at USUS$36.45 a barrel, below its recent peak of USUS$39.99. Oil prices set a record high of USUS$41.15 a barrel during the 1990-91 Gulf crisis.

London benchmark Brent for April fell 44 cents to USUS$33.25 a barrel.

Prices fell as the Organisation of the Petroleum Exporting Countries, which control's around 60 per cent of world crude exports, pledged during a ministerial meeting in Vienna that it was ready to fill any disruption in supply.

[wannabehippie]

well the price at my local gas station jumped 2 cents today. so i guess the big oil companies didnt get the word that crude prices fell.

or maybe they are just involved in gouging?

Nah they would never do that (Dripping with sarcasm)

peace
david

[Rob-TheStormChaser]

lol I think at the very least they are stable and will drop some as long as the crude is going down at a good clip....these are quiet times...lol

[mf_dolphin]

Let's see how long it takes before we see a drop at the pumps... :o

[wannabehippie]

well with spring coming and and increase in driving that always comes with it (and the fact that oil companies always raise their prices in april running up until memorial day in may) i dont see the prices dropping much, regardless of what happens in Iraq.
in fact i wouldnt be surprised to see them go up more even if the price of crude falls back to the $25/barrel level. the big oil companies never hesistate to gouge while they can.


peace
david