Oil Prices Drop Below $70 Per Barrel
Jun 08 6:33 AM US/Eastern
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By GEORGE JAHN
Associated Press Writer
VIENNA, Austria
Oil prices dipped below $70 per barrel for the first time in two weeks Thursday following the announcement of the death of al-Qaida's leader in Iraq, terrorist leader Abu Musab al-Zarqawi.
Word by Nigerian militants that they would release foreign hostages and an easing of world tensions over Iran also calmed markets, which were already on a downward course after U.S. data showed ample crude and gasoline supplies.
"The hope is that with the removal of the terror leader in Iraq, the Iraqi situation will stabilize faster and future oil supply could increase," said Victor Shum, energy analyst with Purvin & Gertz in Singapore.
The Jordanian-born militant led a campaign of suicide bombings, kidnappings and other violence. Insurgents have also sabotaged pipelines numerous times.
Jun 08 6:33 AM US/Eastern
[envelope] Email this story
By GEORGE JAHN
Associated Press Writer
VIENNA, Austria
Oil prices dipped below $70 per barrel for the first time in two weeks Thursday following the announcement of the death of al-Qaida's leader in Iraq, terrorist leader Abu Musab al-Zarqawi.
Word by Nigerian militants that they would release foreign hostages and an easing of world tensions over Iran also calmed markets, which were already on a downward course after U.S. data showed ample crude and gasoline supplies.
"The hope is that with the removal of the terror leader in Iraq, the Iraqi situation will stabilize faster and future oil supply could increase," said Victor Shum, energy analyst with Purvin & Gertz in Singapore.
The Jordanian-born militant led a campaign of suicide bombings, kidnappings and other violence. Insurgents have also sabotaged pipelines numerous times.