Oil prices edge up on Baghdad embassy bombing

07 August 2003
Oil prices rose to new post-war highs on 7 August, as uncertainties about supply were heightened by the bombing of the Jordanian embassy in Baghdad (MEED 7:8:03). Even before the incident, prices had broken through the $30 a barrel mark on political events in Iraq, Indonesia and Nigeria. Steps forward in restoration of the Iraqi oil industry signalled by the resumption of exports of post-war production were set back by a pipeline fire, blamed on sabotage, and by the doubt cast on the timetable for reopening the Kirkuk-Ceyhan export pipeline. The terrorist bombing in Jakarta and tribal violence in the oil-rich Niger Delta province increased market uncertainty.

Oil prices at 1500 GNT on 7 August, compared with the previous day, were:

Brent rose $0.13 to $30.42

Dubai rose $0.82 to $28.35

WTI rose $0.52 to $32.38

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