15:38 - Crude down ahead of weekend
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15:38 - Crude down ahead of weekend
Crude down ahead of weekend
By Lisa Sanders, CBS.MarketWatch.com
Last Update: 10:38 AM ET June 18, 2004
DALLAS (CBS.MW) - Crude futures slipped Friday morning as traders speculated on when Iraqi exports would resume and when an oil worker strike in Norway would cease.
"There's talk that Iraq would resume some exports, and that's what led some people to take profits," said Phil Flynn, senior market analyst at Alaron.com. "But the strike going on in Norway will keep the market well supported."
July crude fell by 16 cents to $38.30 a barrel, July heating oil was off 0.78 cent to $1.023 a gallon, and July unleaded gasoline dropped 0.36 cent to $1.1835 a gallon.
Bloomberg News, citing the senior U.S. adviser to the Iraqi Oil Ministry, reported that Iraq's oil exports wouldn't be up to full capacity until late next week due to the pipeline attacks in the south.
The news agency also reported that Norwegian oil workers went on strike Friday after negotiations over pension came to a halt between employers and two unions.
About 200 workers at North Sea fields operated by Statoil ASA (STO: news, chart, profile), ConocoPhillips (COP: news, chart, profile) and ExxonMobil (XOM: news, chart, profile) have stopped working, Bloomberg reported.
July natural gas followed crude lower, falling 4.2 cents to $6.54 per million British thermal units.
By Lisa Sanders, CBS.MarketWatch.com
Last Update: 10:38 AM ET June 18, 2004
DALLAS (CBS.MW) - Crude futures slipped Friday morning as traders speculated on when Iraqi exports would resume and when an oil worker strike in Norway would cease.
"There's talk that Iraq would resume some exports, and that's what led some people to take profits," said Phil Flynn, senior market analyst at Alaron.com. "But the strike going on in Norway will keep the market well supported."
July crude fell by 16 cents to $38.30 a barrel, July heating oil was off 0.78 cent to $1.023 a gallon, and July unleaded gasoline dropped 0.36 cent to $1.1835 a gallon.
Bloomberg News, citing the senior U.S. adviser to the Iraqi Oil Ministry, reported that Iraq's oil exports wouldn't be up to full capacity until late next week due to the pipeline attacks in the south.
The news agency also reported that Norwegian oil workers went on strike Friday after negotiations over pension came to a halt between employers and two unions.
About 200 workers at North Sea fields operated by Statoil ASA (STO: news, chart, profile), ConocoPhillips (COP: news, chart, profile) and ExxonMobil (XOM: news, chart, profile) have stopped working, Bloomberg reported.
July natural gas followed crude lower, falling 4.2 cents to $6.54 per million British thermal units.
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